IRS Issues Pension Plan Limitations for 2010
The Internal Revenue Service (IRS)
announced cost-of-living adjustments for pension plans for the 2010 tax year. For the most part, dollar limitations on benefits and contributions under qualified retirement plans will remain unchanged in 2010.
- Limitations affecting elective deferrals to Section 401(k) plans and to the Federal Government's Thrift Savings Plans will remain unchanged at $16,500.
- Limitations on annual benefits under a defined benefit plan remains unchanged at $195,000; effective January 1, 2010.
- Limitation for a defined contribution plan remains at $49,000.
- Dollar limitation concerning definition of key employee in a top-heavy plan remains unchanged at $160,000.
- Dollar limitation used in the definition of a highly compensated employee remains at $100,000.
- Deferral limitations under Section 457(e)(15) deferred compensation plans of state and local governments and tax-exempt organizations remain at $16,500.
Click here to download Maximum Benefit and Contribution Limits 2000-2009