Health & Welfare 18-5

Health & Welfare Notes

Vol. 18, Issue 5    November/December 2013

2014 ANNUAL BENEFIT PLAN LIMITS

 2016 Limit2015 Limit
Contributions and Benefits
401(k), 403(b) and 457(e)(15) maximum elective salary deferral$18,000$18,000
SIMPLE plan maximum salary deferral$12,500$12,500
Catch-up (age 50 or older) in 401(k), 403(b) and 457(b)$6,000$6,000
Catch-up (age 50 or older) for SIMPLE plans$3,000$3,000
Highly compensated employees (HCE) compensation limit (earned in prior year)$120,000$120,000
401(a)(17) annual compensation limit for benefit purposes$265,000$265,000
Code 415 Maximums
  • Defined benefit plan annual payout limit at age 62
$210,000$210,000
  • Defined contribution plan annual maximum deferral
$53,000$53,000
Employee Stock Ownership Plans
  • Maximum amount subject to 5-year distribution period
$1,070,000$1,070,000
  • Amount for extension of 5-year distribution period
$210,000$210,000
Pension Benefit Guaranty Corporation
Maximum guaranteed annual benefit (single employer plans)$60,136$60,136
Maximum guaranteed annual benefit (multiemployer plans)$429 x yrs. of service$429 x yrs. of service
  • Multiemployer
    • Fixed premium (per participant)
$27.00$26.00
  • Single employer
    • Fixed premium (per participant)
$64.00$57.00
    • Variable-rate premium (based on PBGC interest rates)
3.0% of UVB2.4% of UVB
Per participant cap$500.00$418.00
Qualified transportation benefit
  • Parking (per month)
$255.00$250.00
  • Transit Pass & Van Pooling (combined) (per month)
$130.00$130.00
Social Security/Medicare
Social Security
  • OASDI taxable wage base
$118,500$118,500
  • OASDI tax rate
6.2%6.2%
  • Maximum monthly benefit at full retirement age
$2,639$2,663
  • Full retirement age
66 yrs.66 yrs.
  • Cost of living adjustment
0%1.7%
Maximum income without reducing Social Security retirement benefits
  • Over SSNRA
No limitNo limit
  • Year individual attains SSNRA*
    • Annual Amount
$41,880$41,880
    • Monthly Amount
$3,490$3,490
  • Years before SSNRA**
    • Annual Amount
$15,720$15,720
    • Monthly Amount
$1,310$1,310
Medicare Part A
  • HI (Medicare) taxable wage base
No limitNo limit
  • Medicare tax rate
1.45%1.45%
  • Deductible
$1,288$1,260
Medicare Part B
  • Monthly premium
$104.90$104.90
  • Deductible
$166.00$147.00
Medicare Part D
  • Deductible
$360.00$320.00
HDHP Minimum Deductible Amount
  • Self-only coverage
$1,300$1,300
  • Family coverage
$2,600$2,600
HDHP Maximum Out-of-Pocket Amount
  • Self-only coverage
$6,550$6,450
  • Family coverage
$13,100$12,900
HSA Statutory Contribution Amount
  • Self-only coverage
$3,350$3,350
  • Family coverage
$6,750$6,650
Catch-up Contributions (age 55 or older)$1,000$1,000
Non-Grandfathered Health Plans Cost-Sharing Maximum
  • Self-only coverage
$6,850$6,600
  • Family coverage
$13,700$13,200

Disclaimer – This newsletter’s purpose is to inform our clients and friends of recent legislative health care-related developments.  It is not intended, nor should it be used, as a substitute for specific legal advice.

VISIT OUR EXPANDED WEBSITE FOR CURRENT BENEFIT INFORMATION AND CLIENT SUPPORT RESOURCES AT www.rgabriel.com.

Health and Welfare Notes is prepared four to six times annually and will accompany Retirement News.  If there are questions concerning the information discussed, call richard Gabriel associates and ask for Gabe Zinni, Karen Irwin, Cindy Swartz or Nancy Cunningham.

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