2007 ANNUAL BENEFIT PLAN LIMITS
| Contributions and Benefits | 2007 Limit | 2006 Limit | |
| §401(k) and §403(b) maximum elective salary deferral | $ 15,500 | $ 15,000 | |
| SIMPLE plan maximum salary deferral | $ 10,500 | $ 10,000 | |
| §457(e)(15) nonqualified deferred compensation plan maximum salary deferral | $ 15,500 | $ 15,000 | |
| Catch-up (age 50 or older) in §401(k), §403(b) and §457 | $ 5,000 | $ 5,000 | |
| Catch-up (age 50 or older) for IRAs and SIMPLE Plans | $ 2,500 | $ 2,500 | |
| Highly compensated employees (HCE) compensation limit (earned in prior year) | $ 100,000 | $ 100,000 | |
| Maximum annual compensation for benefit purposes | $ 225,000 | $ 220,000 | |
| Code §415 Maximums | |||
|
●
Annual defined benefit plan payout
limit at age 62 ● Annual defined contribution plan contribution limit |
$ 180,000 $ 45,000 |
$
175,000 $ 44,000 |
|
| Employee Stock Ownership Plans | |||
|
● Annual defined benefit plan
payout limit at age 62 ● Annual defined contribution plan contribution limit |
$ 915,000 $ 180,000 |
$
885,000 $ 175,000 |
|
| Pension Benefit Guaranty Corporation | |||
|
Maximum guaranteed annual benefit
(single employer plans) Maximum guaranteed annual benefit (multiemployer plans) |
$ 49,500 $429 x yrs. of service |
$
47,659.08 $429 x yrs. of service |
|
|
Multiemployer ● Fixed premium (per participant) |
$ 8.00 |
$ 8.00 |
|
|
Single employer ● Fixed premium (per participant) ● Variable premium(based on PBGC interest rates) |
$ 1.00 0.9% of UVB |
$ 30.00 0.9% of UVB |
|
| Social Security/Medicare | |||
| Social Security | |||
|
● OASDI taxable wage base ● OASDI tax rate ● Maximum monthly benefit at full retirement age ● ull retirement age ● Cost of living adjustment |
$ 97,500 6.2% $ 2,116 65 yrs. 10 mos. 3.3% |
$
94,200 6.2% $ 2,053 65 yrs. 8 mos. 4.1% |
|
| Maximum income without reducing Social Security retirement benefits | |||
| ●
Over SSNRA ● Year individual attains SSNRA* ● Years before SSNRA |
Annual Amount Monthly Amount Annual Amount Monthly Amount |
No limit $ 34,440 $ 2,870 $ 12,960 $ 1,080 |
No
limit $ 33,240 $ 2,770 $ 12,480 $ 1,040 |
| Medicare Part A | |||
|
●
HI (Medicare) taxable wage base ● Medicare tax rate ● Deductible |
No limit 1.45% $ 992 |
No
limit 1.45% $ 952 |
|
| Medicare Part B | |||
|
● Monthly premium ● Deductible |
$
93.50 $ 131 |
$
88.50 $ 124 |
|
* For individuals in the calendar year of their Social Security Normal Retirement Age (SSNRA), $1 in benefits will be withheld for every $3 in earnings above the limit. There is no limit on earnings beginning the month an individual attains SSNRA.
** For individuals under SSNRA, $1 in benefits will be withheld for every $2 in earnings above the limit.