Employee Benefits-IRS Announces 2015 Pension Plan Limitations

The Internal Revenue Service (the “IRS”) has announced the 2015 pension plan limitations, as adjusted for cost-of-living increases. The announcement is here. The highlight: taxpayers may contribute up to $18,000 to their 401(k) plans in 2015. One important number not included in this announcement is that the Social Security tax wage base for 2015 will be $118,500.