For companies that are striving to provide benefit plans and encouragement to help their employees save for retirement, a recent announcement from the IRS may be viewed as good news.
For 2015, the IRS has raised the benefit plan contribution limits in regards to 401(k) plans.
Here is an overview of the current limits and the increased limits:
401(k) Plan Elective Deferral Limit (Calendar Year)
- Contribution Limit for 2014: $17,500
- Contribution Limit for 2015: $18,000
401(k) Plan Catch-up Contribution Limits
- Contribution Limit for 2014: $5,500
- Contribution Limit for 2015: $6,000
I hope that you find this information helpful as you plan your upcoming employee communication and open enrollment efforts.
If you could use assistance in implementing a retirement/401(k) plan or in educating employees about retirement savings, our team would be happy to help. Please contact us at 781-759-1222 or via email at info@CBGBenefits.com.
