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October 20, 1999
2002 Changes In Annual Qualified Retirement Benefit Limits
The IRS recently announced new annual qualified retirement benefit limits
for 2000. The following is a Desk Reference Summary of the most relevant limits
and how they compare with the limits for 1998 and 1999.
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1998 |
1999 |
2000 |
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Dollar limit for Defined Benefit Plans |
$130,000 |
$130,000 |
$135,000 |
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Dollar limit for Defined Contribution Plans |
30,000 |
30,000 |
30,000 |
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401(k) Maximum Deferral |
10,000 |
10,000 |
10,500 |
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Social Security Taxable Wage Base |
68,400 |
72,600 |
76,200 |
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Maximum Compensation Allowable for Benefit Purposes |
160,000 |
160,000 |
170,000 |
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Maximum Compensation to Determine Highly Compensated Status
[Code Section 414(q)] |
80,000 |
80,000 |
85,000 |
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SIMPLE Maximum Deferral |
6,000 |
6,000 |
6,000 |
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403(b) Maximum Deferral |
9,500 |
10,000 |
10,500 |
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457 Maximum Deferral |
8,000 |
8,000 |
8,000 |
The Employee Benefits Alert is intended to keep readers current on
matters affecting employee benefits, and is not intended to be legal advice. If
you have any questions, please call Laurie S. DuChateau at 412.566.5960,
Kathryn A. English at 412.566.1226, John J. Kearns, III at
412.566.2075, Sandra R. Mihok at 412.566.1903, John R. Owen, III
at 412.566.6852, Paul M. Yenerall at 412.566.1944, or any other attorney
with whom you have been working.
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