Page 1 of 2 2014/2015 Dollar Limitations for Retirement Plans New limitations will apply to retirement plans and other benefit plans in 2015 as a result of cost-of-living adjustments made by the IRS and the Social Security Administration. The limits for 2015, as well as the 2014 limits, are as follows: Account Types IRA SIMPLE IRA SEP IRA 2014 Limit 2015 Limit Traditional and Roth IRA Contribution Limit $5,500 $5,500 Catch-Up Limit for Individuals Age 50 and Older $1,000 $1,000 Elective Deferral Limit $12,000 $12,500 Catch-Up Limit for Individuals Age 50 and Older $2,500 $3,000 Maximum Employer Match ($1 for $1 match on the first 3% of employee compensation deferred. Catch-up deferral is also matched if over age 50.) $12,000 $12,500 Maximum Employer Non-Elective Contribution (2% of employee’s compensation, up to $260,000 in 2014 and $265,000 in 2015) $5,200 $5,300 Maximum SEP Contribution $52,000 $53,000 $550 $600 SEP Compensation Exclusion 401(k), SARSEP, 403(b) and Governmental 457(b) Elective Deferral Limit $17,500 $18,000 Catch-Up Limit for Individuals Age 50 and Older $5,500 $6,000 Profit Sharing, 401(k) and Money Purchase Pension Defined Contribution Limit (415(c) limit) $52,000 $53,000 Profit Sharing, 401(k), SEP and Money Purchase Pension Employee Annual Compensation Limit $260,000 $265,000 401(k), SARSEP, 403(b) and Governmental 457(b) Highly Compensated Employee Limit (No requirement for 5% owner) $115,000 $120,000 Profit Sharing, 401(k) and Money Purchase Pension Top-heavy Plan Key Employee Compensation Limit $170,000 $170,000 Defined Benefit Maximum Annual Benefit at Retirement $210,000 $210,000 A division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC. There’s Wealth in Our Approach.™ Page 2 of 2 | 2014/2015 Dollar Limitations for Retirement Plans, continued Modified Adjusted Gross Income (MAGI) Phase-Out Ranges for Traditional IRA Deduction When Taxpayer Is Covered by a Retirement Plan at Work Filing Status 2014 2015 Single or Head of Household $60,000-$70,000 $61,000-$71,000 Married Filing Jointly $96,000-$116,000 $98,000-$118,000 Married Filing Jointly for Non-Covered Spouse with a Spouse Who Is an Active Participant $181,000-$191,000 $183,000-$193,000 2014 2015 Single or Head of Household $114,000-$129,000 $116,000-$131,000 Married Filing Jointly $181,000-$191,000 $183,000-$193,000 2014 2015 $117,000 $118,500 $15,480 ($1,290/mo) $15,720 ($1,310/mo) $2,642 $2,663 MAGI Phase-Out Ranges for Roth IRA Annual Contributions Filing Status Social Security Social Security Taxable Wage Base aximum Earnings for individuals under normal retirement age M before Social Security benefits are reduced. One dollar in benefits will be withheld for every $2 in earnings above the limit. Maximum Social Security Benefit at Social Security Full Retirement Age Health Savings Accounts (HSAs) Maximum Contribution Limit Minimum Annual Deductible for High Deductible Health Plan (HDHP) HDHP Maximum Out-of-Pocket Expenses 2014 2015 Single $3,300 $3,350 Family $6,550 $6,650 Catch-Up (age 55 by the end of the year) $1,000 $1,000 Single $1,250 $1,300 Family $2,500 $2,600 Single $6,350 $6,450 Family $12,700 $12,900 If you have any questions about your retirement plan or these dollar limits, please contact your financial advisor. RBC Wealth Management is not a tax advisor. All decisions regarding the tax implications of your investments should be made in connection with your independent tax advisor. © 2014 RBC Capital Markets, LLC. All rights reserved. 20176 (10/14)