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RETIREMENT PLAN LIMITS FOR 2008The annual defined contribution benefit limit increases from $45,000 to $46,000, and the annual compensation limit increases from $225,000 to $230,000 for 2008. The annual per participant limit on 401(k), 403(b) and 457(b) elective contributions stays at $15,500 as does the $5,000 maximum annual "catch-up" contributions for individuals age 50 and over. The compensation limitation for the definition of "highly compensated employee" increases from $100,000 to $105,000, and the annual compensation threshold for key employees increases from $145,000 to $150,000. The limit on the annual benefit payable under a defined benefit plan increases from $180,000 to $185,000.
Andrew
S. Williams
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