| Retirement Plans |
2008 |
| Taxpayer or employee contribution limits |
| IRA (combined traditional and Roth IRA limit) |
5,000 |
| 401(k) plans |
15,500 |
| 403(b) plans |
15,500 |
| 457 plans |
15,500 |
| SIMPLE plans |
10,500 |
| |
| Catch-up contribution limits |
| IRA (combined traditional and Roth IRA limit) |
1,000 |
| 401(k) plans |
5,000 |
| 403(b) plans |
5,000 |
| 457 plans |
5,000 |
| SIMPLE plans |
2,500 |
| |
| Defined contribution plan limitations |
| Participating payroll |
25% |
| Maximum percentage of employee's compensation |
100% |
| Participant's contribution not to exceed |
46,000 |
| Maximum compensation to be considered |
230,000 |
| |
| Defined benefit plan limitations |
| Maximum annual benefit |
185,000 |
| Maximum compensation to be considered |
230,000 |
| |
| SEP plan limitations |
| Maximum percentage of employee's compensation |
25% |
| Participant's contribution not to exceed |
46,000 |
| Minimum compensation needed to participate |
500 |
| Maximum compensation to be considered |
230,000 |
| |
| Qualified plan definitions |
| |
| Highly compensated employee |
| Any employee that owns 5% or more of the company |
| Any employee among the top 20% highest paid and paid more than |
105,000 |
| |
| Key employee |
| Any officer earning |
150,000 |
| Any employee that owns 5% or more of the company |
| Any employee that owns 1% or more of the company and makes |
150,000 |
| |
| Phaseout of IRA contribution starts at the following amounts: |
| Single |
53,000 |
| Married filing jointly or surviving spouse |
85,000 |
| Married filing separately |
0 |
| Head of household |
53,000 |
| |
| IRA contribution completely phased out at the following amounts: |
| Single |
63,000 |
| Married filing jointly or surviving spouse |
105,000 |
| Married filing separately |
10,000 |
| Head of household |
63,000 |
| |
| Phaseout of IRA contributions with an active participant spouse |
| AGI limit when pahseout starts |
159,000 |
| AGI limit when completely phased out |
169,000 |
| |
| Phaseout of Roth IRA contributions starts at the following amounts: |
| Single |
101,000 |
| Married filing jointly or surviving spouse |
159,000 |
| Married filing separately |
0 |
| Head of household |
101,000 |
| |
| Roth IRA contribution completely phased out at the following amounts: |
| Single |
116,000 |
| Married filing jointly or surviving spouse |
169,000 |
| Married filing separately |
10,000 |
| Head of household |
116,000 |
| |
| AGI limitations to convert a traditional IRA to a Roth IRA |
| Single |
100,000 |
| Married filing jointly or surviving spouse |
100,000 |
| Married filing separately |
n/a |
| Head of household |
100,000 |
