BENEFITS LAW GROUP OF CHICAGO


Chicago, Illinois

 

RETIREMENT PLAN LIMITS FOR 2006

The annual defined contribution benefit limit increases from $42,000 to $44,000, and the annual compensation limit increases from $210,000 to $220,000 for 2006.  The annual per participant limit on 401(k), 403(b) and 457 plan contributions increases from $14,000 to $15,000, and the maximum “catch-up” contributions for individuals age 50 and over increases from $4,000 to $5,000.  The limitation for the definition of “highly compensated employee” increases from $95,000 in annual compensation to $100,000, and the annual compensation threshold for key employees increases to $140,000 from $135,000.  The limit on the annual benefit payable under a defined benefit plan increases from $170,000 to $175,000.

 

Andrew S. Williams
Aronberg Goldgehn Davis & Garmisa
One IBM Plaza, Suite 3000
Chicago, Illinois 60611
312/755-3145
awilliams@agdglaw.com

 

       

        Home    |    Benefits Bulletins    |    Attorney Profile    |    Receive E-Mail Updates    |    Disclaimer    |    Links

        Copyright © 2001-2008 Andrew S. Williams.  All rights reserved.
        Contact the webmaster with comments about this web site.  awilliams@agdglaw.com