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2008 Benefits Limitations
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2008 Benefits Limitations
2008 Benefits Limitations
The IRS announced cost-of-living adjustments to various dollar limitations that will apply to pension plans for 2008. Some of these limits are fixed by scheduled statutory increases.  Printer-friendly version (PDF)
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 401(k)/403(b) plan
maximum elective deferral | $12,000 | $13,000 | $14,000 | $15,000 | $15,500 | $15,500 | | 457 deferral limit | $12,000 | $13,000 | $14,000 | $15,000 | $15,500 | $15,500 | | 401(k)/403(b)/457 catch-up | $2,000 | $3,000 | $4,000 | $5,000 | $5,000 | $5,000 | Defined contribution
maximum annual addition | $40,000 | $41,0001 | $42,0001 | $44,0001 | $45,0001 | $46,0001 | Defined benefit
maximum annual pension | $160,0001 | $165,0001 | $170,0001 | $175,0001 | $180,0001 | $185,0001 | Qualified plans
maximum compensation limit | $200,000 | $205,000 | $210,000 | $220,000 | $225,000 | $230,000 | | Highly compensated | $90,000 | $90,000 | $95,000 | $100,000 | $100,000 | $105,000 | | Transit pass limit | $100 | $100 | $105 | $105 | $110 | $115 | | Parking benefit limit | $190 | $195 | $200 | $205 | $215 | $220 | | IRA limit | $3,000 | $3,000 | $4,000 | $4,000 | $4,000 | $5,000 | | IRA catch-up | $500 | $500 | $500 | $1,000 | $1,000 | $1,000 | | SIMPLE limit | $8,000 | $9,000 | $10,000 | $10,000 | $10,500 | $10,500 | | SIMPLE catch-up | $1,000 | $1,500 | $2,000 | $2,500 | $2,500 | $2,500 | | Taxable wage base | | Social Security | $87,000 | $87,900 | $90,000 | $94,200 | $97,500 | $102,000 | | Medicare | no limit | no limit | no limit | no limit | no limit | no limit | | Payroll tax rate | | Social Security | 6.20% | 6.20% | 6.20% | 6.20% | 6.20% | 6.20% | | Medicare | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
1 Applies to limitation years ending within the calendar year.
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