IRS issues 2007 retirement plan limits
The IRS has announced the 2007 cost-of-living adjustments (COLAs) to dollar limitations on benefits and contributions, annual compensation limits, and other dollar limitations applicable to retirement plans.
Highlights of the 2007 maximum dollar limitations announced by the IRS include the following:
• Annual defined benefit limit: $180,000
• Annual defined contribution limit: $45,000
• Annual compensation limit: $225,000
• 401(k) elective deferral limit: $15,500
• Highly compensated employee limit: $100,000.
The full text of IRS New Release is available at http://www.irs.gov/retirement/article/0,,id=96461,00.html
For more information on how start a 401k plan contact StaffScapes at 303-466-7864