The IRS announced yesterday the new limits for 2014. The most important changes applicable to retirement plans are outlined below.

The §415(c)(1)(A) limit on total contributions to a defined contribution plan was increased from $51,000 to $52,000.

The §415(b)(1)(A) limitation on the annual benefit under a defined benefit pension plan increased from $205,000 to $210,000.

The dollar threshold for determining “highly compensated employee” status remains at $115,000, and the annual compensation limit under §401(a)(17) that governs the amount of compensation that may be considered in a defined contribution plan increased from $255,000 to $260,000.

The §402(g) elective deferral (employee contribution) limit and the “catch-up” contribution limit both remain unchanged at $17,500 and $5,500, respectively, for 401(k), 403(b) and most 457 plans.

Additionally, the taxable wage base for social security increased from $113,700 to $117,000.  For a full listing of changes, including those impacting IRAs, SEPs and SIMPLEs, please see  the IRS’ COLA Table.