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The following plan limits are increased effective Jan. 1, 2013:

  • Defined benefit plans. The limitation on the annual benefit under a defined benefit plan is increased from $200,000 to $205,000.
  • Defined contribution plans. The limit on the annual additions to a participant’s defined contribution account is increased from $50,000 to $51,000.
  • Elective deferrals. The limit on the exclusion for elective deferrals  is increased from $17,000 to $17,500. This limitation affects elective deferrals to Section 401(k) plans, Section 403(b) plans, and the Federal Government’s Thrift Savings Plan.
  • Deferred compensation plans. The limit on deferrals, concerning deferred compensation plans of state and local governments and tax-exempt organizations, is increased from $17,000 to $17,500.
  • SIMPLE accounts. The maximum amount of compensation an employee may elect to defer for a SIMPLE plan is increased from $11,500 to $12,000.