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Pension Plan Limits For The Tax Year 2002
On December 11, 2001, the IRS announced (2001-115) the retirement plan limits that are effective on January 1, 2002. The limits announced include those changed by the provisions included in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
| 401K RELATED LIMITS |
| 401k Elective Deferrals |
$11,000 |
| Annual Defined Contribution Limit |
$40,000 |
| Annual Compensation Limit |
$200,000 |
| Catch-Up Contribution Limit |
$1,000 |
| Highly Compensated Employees |
$90,000 |
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| NON 401K RELATED LIMITS |
| 403(b)/457 Elective Deferrals |
$11,000 |
| SIMPLE Employee Deferrals |
$7,000 |
| SIMPLE "Catch-Up Deferral |
$500 |
| SEP Minimum Compensation |
$450 |
| SEP Annual Compensation Limit |
$200,000 |
| Social Security Wage Base |
$84,900 |
IRS announcement #2001-115 can located at http://www.benefitslink.com/IRS/ir2001-115.shtml.
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