IRS Announces Pension Contribution Limits for 2007
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On October 18th, the IRS announced (IR-2006-1620) the 2007 pension contribution limits:
401(k)/403(b) Elective Deferral Limit (402(g)(1)): $15,500
Government/Tax Exempts Deferral Limit (457(e)(15)): $15,500
Catch-up Contribution Limit: $5,000
Annual Compensation Limit: $225,000
Highly Compensated Employee Limit: $100,000
Key Employee Officer Compensation: $145,000
Maximum Annual Benefit: Defined Benefit Plan: $180,000
Maximum Annual Contribution: Defined Contribution Plan: $45,000
SEP Minimum Compensation: $500
SEP Compensation Limit: $225,000
SIMPLE Employee Contribution Limit: $10,500
SIMPLE “Catch-Up” Deferral Limit: $2,500
Social Security Wage Base: $97,500
