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Franklin Templeton Investments

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Contribution Limits

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The following table summarizes contribution limits for individual investors.1 For more information, visit IRS.gov.

    Category Plan Type Dollar Limit for: 2013 2014
    IRA Traditional IRA; Roth IRA Contribution maximum $5,500 $5,500
    Traditional IRA; Roth IRA Age 50+ catch-up $1,000 $1,000
    Employer-
    Sponsored
    IRA
    SEP IRA Contribution maximum $51,000 $52,000
    SAR-SEP Deferral limit $17,500 $17,500
    SAR-SEP Age 50+ catch-up $5,500 $5,500
    SIMPLE IRA Deferral limit $12,000 $12,000
    SIMPLE IRA Age 50+ catch-up $2,500 $2,500
    Employer-
    Sponsored
    Plan
    401(k); 403(b); 457 Deferral limit $17,500 $17,500
    401(k); 403(b); 457 Age 50+ catch-up2 $5,500 $5,500
    Defined Benefit Defined Benefit limit $205,000 $210,000
    Profit Sharing; Money Purchase; 401(k); 403(b); 457; Defined Benefit Maximum compensation for plan purposes $255,000 $260,000
    Profit Sharing; Money Purchase; 401(k); 403(b); 457; Defined Benefit Meeting definition of highly compensated $115,000 $115,000
    Profit Sharing; Money Purchase; 401(k); 403(b); 457; Defined Benefit Meeting definition of key employee $165,000 $170,000
    Profit Sharing; Money Purchase; 401(k); 403(b); 457; Defined Benefit Taxable wage base (SSI) $113,700 $117,000
    Profit Sharing; Money Purchase; 401(k); 403(b); 457 Annual additions limit (415 limit) $51,000 $52,000

     

     

    Footnotes

    1. The significant changes to retirement plans contained in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) pertain only to federal tax law. None of the provisions of this legislation, such as the increase in benefits and contribution limits, pertain to your state's tax laws unless your state legislature adopts conforming tax laws.
    2. Age 50+ catch-up contributions may be offered by a plan at the employer's discretion. The current 403(b) elective deferral catch-up contribution (up to $3,000 for those who qualify under the 15-year rule) still applies, as does the 457 plan catch-up contribution. See IRS Publication 571 for more information on eligibility for any catch-up contributions. Source: IRS.gov, COLA Increases for Dollar Limitations on Benefits and Contributions, November 2013.

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      For U.S. residents only.