By Jerry Geisel, Crain News Service
WASHINGTON (Oct. 24, 2014) — The maximum contribution that can be made to 401(k) plans in 2015 will rise to $18,000, up from the current $17,500 limit, while the maximum catch-up contribution employees age 50 and older can make to the plans will increase to $6,000, up from $5,500, the Internal Revenue Service announced Oct. 23.
The IRS also said the amount of employee compensation that can be considered in calculating pension benefits and contributions to defined contribution plans will rise to $265,000 from $260,000.