A Checklist of 2015 Benefit Contribution Limits

By Keith R. McMurdy

At the beginning of each year, there are certain contribution limits for retirement plans and welfare plans that I check on just to make sure I am current on my numbers. While the list is not exhaustive, there are some that seem to jump out more often than others and I have compiled a list of those that I commonly refer to.

  • The annual dollar limit for FSA contributions increases to $2,550.
  • But the annual limit for dependent care remains the same, at $5,000.
  • The HSA contribution limit for 2015 is $3,350 for single and $6,650 for family. The catch-up contribution limit remains unchanged at $1,000.
  • The IRS limits for high-deductible health plan (HDHP) maximum out-of-pocket amounts for 2015 are $6,450 for single and $12,900 for family.
  • Something to note: under the Affordable Care Act, the maximum out-of-pocket limits for an HDHP are $6,600 for single and $13,200 for family. Remember, though, that a plan has to comply with the IRS limits even though the ACA may permit them to be higher.
  • Also remember that under the ACA, the deductible, while part of the out-of-pocket expense of the participant, has its own limit. The maximum amount most plans can require participants to pay for deductibles increases to $2,050 for individuals and $4,100 for family.
  • The ACA transitional reinsurance drops to $44 per enrollee, but the Patient-Centered Outcomes Research Institute fee increases to $2.08 per covered life.
  • The adoption assistance tax credit rises to $13,400, and the range for phasing out the credit now starts at $201,010.

And lest we forget about retirement plans:

  • The elective deferral limits to most defined contribution retirement plans is increased to $18,000. The catch-up contribution limit for people over 50 increases to $6,000. Though not necessarily benefit plan related, the IRA contribution limit remains unchanged at $5,500, with a $1,000 catch-up limit.
  • The annual limit for a defined benefit plan remains unchanged at $210,000.
  • The annual limit for defined contribution plans increases slightly to $53,000.
  • Finally, the compensation limit used in the definition of “highly compensated employee” increases to $120,000.

If you are a benefit plan administrator or HR professional, chances are you will run across these numbers at some point during 2015, so keep them handy.

Keith R. McMurdy is a partner with Fox Rothschild focusing on labor and employment issues. Reprinted from Employee Benefit News


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