2012 Annual Benefit Plan and Social Security Limits

2012 Annual Benefit Plan Amounts
Contribution & Benefit Limits 2011 Limit 2012 Limit
Section 401(k), 403(b), or 457(b) annual deferral $16,500 $17,000
SIMPLE plan annual deferral $11,500 $11,500
Section 415 maximums
— annual benefit from                 
   defined benefit plan
$195,000 $200,000
— annual additions to defined
   contribution plan
$49,000 $50,000
Maximum IRA contribution $5,000 $5,000
Catch-up contribution limits
— retirement plan $5,500 $5,500
— SIMPLE plan $2,500 $2,500
— IRA $1,000 $1,000
Compensation Amounts
Annual compensation limit $245,000 $250,000
Grandfathered governmental plan participants $360,000 $375,000
Highly compensated employees
— any employee* $110,000 $115,000**
— 5-percent owner no minimum no minimum
*Employer may elect to limit to top-paid 20%**Due to the look-back rule, first applies in determining HCEs in 2013.
Key employees
— officer $160,000 $165,000
— 1-percent owner $150,000 $150,000
— 5-percent owner no minimum no minimum
Social Security/HSA Limits
Social Security 2011 Limit 2012 Limit
— OASDI taxable wage base $106,800 $110,100
— OASDI tax rate – employer 6.2% 6.2%
— OASDI tax rate – employee 4.2% 6.2%#
— maximum monthly benefit at
   SSRA*
$2,366 $2,513
— cost of living adjustment 0% 3.6%
Maximum income without reducing Social Security retirement benefits
— SSRA* or over no limit no limit
— year individual attains SSRA* $3,140/mo^ $3,240/mo^
— under SSRA* $14,160/yr $14,640/yr
#Subject to legislative change.
*Social Security Retirement Age (age at which an individual may receive an unreduced monthly benefit). 
^No limit on earnings beginning the month an individual attains SSRA.
HSA Limits
Maximum HSA contribution
— individual $3,050 $3,100
— family $6,150 $6,250
Minimum HDHP deductible
— individual $1,200 $1,200
— family $2,400 $2,400
Catch-up contribution limit $1,000 $1,000
  

 

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