2008 Benefit Plan COLAs

The annual inflation adjustments for plan limitations are in.  For 2008, limits on 401(k), SARSEP, 403(b), and 457 plan deferrals remain at $15,500 (maximum catch-up contribution, $5,000).  SIMPLE deferrals are $10,500 (maximum catch-up contribution, $2,500).  Other limitations that have increased are as follows:

1.  Maximum annual additions to a defined contribution plan account are $46,000.
2.  Maximum annual compensation for determining benefits is $230,000.
3.  Compensation for determining highly-compensated status is $105,000.
4.  The Social Security Taxable Wage base is $102,000.