2010 ANNUAL BENEFIT PLAN LIMITS

Contributions and Benefits

 

2010 Limit

2009 Limit

§401(k) and §403(b) maximum elective salary deferral

 

$16,500

$16,500

SIMPLE plan maximum salary deferral

 

$11,500

$11,500

§457(e)(15) nonqualified deferred compensation plan maximum salary deferral

 

$16,500

$16,500

Catch-up (age 50 or older) in §401(k), §403(b) and §457

 

$5,500

$5,500

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)

 

$110,000

$110,000

Maximum annual compensation for benefit purposes

 

$245,000

$245,000
Code §415 Maximums      

  • Defined benefit plan annual payout limit at age 62

   $195,000 $195,000

  • Defined contribution plan annual maximum deferral

 

$49,000

$49,000
Employee Stock Ownership Plans      
  • Maximum amount subject to 5-year distribution period
   $985,000 $985,000

  • Amount for extension of 5-year distribution period

 

$195,000

$195,000
Pension Benefit Guaranty Corporation      
Maximum guaranteed annual benefit (single employer plans)   $54,000 $54,000

Maximum guaranteed annual benefit (multiemployer plans)

 

$429 x yrs. of service

$429 x yrs. of service
Multiemployer      

  • Fixed premium (per participant)

 

$9.00

$9.00
Single employer      

  • Fixed premium (per participant)

   $35.00 $34.00

  • Variable premium (based on PBGC interest rates)

 

0.9% of UVB

0.9% of UVB

QUALIFIED TRANSPORTATION BENEFIT

 

 

 

  • Parking (per month)

   $230.00 $230.00

  • Transit Pass & Van Pooling (combined) (per month)

   $230.00 $230.00

Social Security/Medicare

 

 

 
Social Security      

  • OASDI taxable wage base

   $106,800 $106,800

  • OASDI tax rate

   6.2% 6.2%

  • Maximum monthly benefit at full retirement age

   $2,323 $2,185

  • Full retirement age

   66 yrs. 66 yrs.

  • Cost of living adjustment

 

0%

5.8%
Maximum income without reducing Social Security retirement benefits      

  • Over SSNRA

   No limit No limit

  • Year individual attains SSNRA*

 Annual Amount $37,680 $37,680
  Monthly Amount $3,140 $3,140

  • Years before SSNRA**

 Annual Amount $14,160 $14,160

 

Monthly Amount

$1,180

$1,180
Medicare Part A      

  • HI (Medicare) taxable wage base

   No limit No limit

  • Medicare tax rate

   1.45% 1.45%

  • Deductible

 

$1,100

$1,068
Medicare Part B      

  • Monthly premium

   $110.50 $96.40

  • Deductible

   $155.00 $135.00
Medicare Part D      

  • Deductible

   $310.00 $295.00

* 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.
Back to Top

  Home       Employee Benefits       Retirement       Newsletter