2015 IRS Limits Announced
The IRS has announced 2015 retirement contribution limits:
- For employees who participate in 403(b) plans (i.e. Pension Fund's Tax Deferred Retirement Account), the elective deferral (contribution) limit is increased from $17,500 to $18,000. The catch-up contribution limit for employees age 50 and over who participate in 403(b) plans is increased from $5,500 to $6,000.
- The annual contribution limit for Traditional IRAs and Roth IRAs remain unchanged at $5,500. The catch-up contribution limit for persons aged 50 and over also remains unchanged at $1,000.
In addition, the law which allowed direct, tax-free gifts from Traditional IRAs to charities expired Dec. 31, 2013 and has not been renewed.