| 2009 Qualified Plan Limits |
| 401(k) Deferral: |
$16,500 |
| 401(k) Catch Up: |
$5,500 |
| Compensation Limit: |
$245,000 |
| Individual Limit: |
$49,000 |
| Defined Benefit Plan: |
$195,000 |
2010 Plan Limits
There will not be any changes to the contribution limits in 2010.
|
| Other Plan Limits* |
| SIMPLE 401(k)/ IRA Limit: |
$11,500 |
| SIMPLE 401(k) /IRA Catch Up: |
$2,500 |
| IRA/ROTH IRA Contiribution: |
$5,000 |
| IRA/Roth IRA Catch Up: |
$1,000 |
|
SEP Contribution Limit: |
$49,000 |
|
|
Important Definitions
Highly Compensated Employee: Any employee who either (1) owned 5% or more of the company in the current or previous year or (2) Earned $110,000 or more in the previous year.
Key Employee: A participant who, at any time during the Plan year is (1) an officer who earned $160,000 or more, (2) a more than 5% owner, or (3) a more than 1% owner earning $160,000 or more.
SEP Minimum Compensation: $550
FICA Taxable Wage Base: $106,800 |