RETIREMENT
PLAN LIMITS FOR 2008
The
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
Aronberg Goldgehn Davis & Garmisa
One IBM Plaza, Suite 3000
Chicago, Illinois 60611
312/755-3145
awilliams@agdglaw.com
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