Accounting and Tax Services
Nov 02

2011 Pension Plan Amounts

The major pension plan and related amounts will stay the same for 2011. This means, for example, that the following amounts will remain unchanged from their 2010 amount: (1) benefit limit for defined benefit plans ($195,000); (2) defined contribution plan limit ($49,000); (3) compensation limit for determining benefits and contributions ($245,000); (4) definition of a highly compensated employee ($110,000); (5) elective deferral limit ($16,500); (6) SEP contribution threshold ($550); and (7) SIMPLE retirement account limit ($11,500). Furthermore, the dollar limitations for catch-up contributions will stay the same—$5,500 for Section 401(k) , 403(b) , and 457(b) plans, and $2,500 for SIMPLE plans.

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →