Health & Welfare Notes
Vol. 19, Issue 5 November/December 2014
2015 ANNUAL BENEFIT PLAN LIMITS
| 2016 Limit | 2015 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 | ||
| $210,000 | $210,000 |
| $53,000 | $53,000 |
| Employee Stock Ownership Plans | ||
| $1,070,000 | $1,070,000 |
| $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 |
| ||
| $27.00 | $26.00 |
| ||
| $64.00 | $57.00 |
| 3.0% of UVB | 2.4% of UVB |
| Per participant cap | $500.00 | $418.00 |
| Qualified transportation benefit | ||
| $255.00 | $250.00 |
| $130.00 | $130.00 |
| Social Security/Medicare | ||
| Social Security | ||
| $118,500 | $118,500 |
| 6.2% | 6.2% |
| $2,639 | $2,663 |
| 66 yrs. | 66 yrs. |
| 0% | 1.7% |
| Maximum income without reducing Social Security retirement benefits | ||
| No limit | No limit |
| ||
| $41,880 | $41,880 |
| $3,490 | $3,490 |
| ||
| $15,720 | $15,720 |
| $1,310 | $1,310 |
| Medicare Part A | ||
| No limit | No limit |
| 1.45% | 1.45% |
| $1,288 | $1,260 |
| Medicare Part B | ||
| $104.90 | $104.90 |
| $166.00 | $147.00 |
| Medicare Part D | ||
| $360.00 | $320.00 |
| HDHP Minimum Deductible Amount | ||
| $1,300 | $1,300 |
| $2,600 | $2,600 |
| HDHP Maximum Out-of-Pocket Amount | ||
| $6,550 | $6,450 |
| $13,100 | $12,900 |
| HSA Statutory Contribution Amount | ||
| $3,350 | $3,350 |
| $6,750 | $6,650 |
| Catch-up Contributions (age 55 or older) | $1,000 | $1,000 |
| Non-Grandfathered Health Plans Cost-Sharing Maximum | ||
| $6,850 | $6,600 |
| $13,700 | $13,200 |
* 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.
We wish all of our readers the very best for the holidays, a Merry Christmas and a healthy and prosperous 2015.
In lieu of Christmas Cards, we are making a contribution to the USO to support soldiers during their travels at this special time of the year. Express your thanks when you see someone in uniform — your smile is a special gift.
VISIT OUR WEBSITE FOR CURRENT BENEFIT INFORMATION AND CLIENT SUPPORT RESOURCES AT www.rgabriel.com.
Disclaimer – This newsletter’s purpose is to inform our clients and colleagues of recent legislative health care-related developments. It is not intended, nor should it be used, as a substitute for specific legal advice.
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.
richard Gabriel associates
Actuarial and Employee Benefits Consultants
601 Dresher Road, Suite 201
Horsham, PA 19044-2203
Phone (215) 773-0900 — Fax (215) 773-9907 — Email: rga@rgabriel.com
