Employee Benefits Bulletin, January/February 2002
2002 PLAN LIMITS
| |
2002 |
2001 |
| Catch-Up Contributions |
$1,000 |
- |
Elective Deferrals
(401(k) and 403(b) plan maximum salary reduction) |
$11,000 |
$10,500 |
| 457 Plan Deferrals |
$11,000 |
$8,500 |
| Internal Revenue Code § 415 Limits: |
|
|
Defined Benefit Plan
(Maximum annual benefit) |
$160,000 |
$140,000 |
Defined Contribution Plan
(Total annual defined contribution allocations) |
$40,000 |
$35,000 |
Highly Compensated Employee
(Using compensation earned in the previous year*) |
$90,000 |
$85,000 |
Annual Compensation
(Maximum amount of a participant's compensation
that may be taken into account for plan benefit purposes) |
$200,000 |
$170,000 |
Social Security Wage Base
(Income subject to Social Security Tax) |
$84,900 |
$80,400 |
*Note, when testing for the 2002 plan year, HCEs are participants who earned compensation of $85,000 in 2001.
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