2015 Contribution Limit Checklist

At the beginning of each year, there are certain contribution limits for retirement plans and welfare plans that change. While the list is not exhaustive, there are some that seem to jump out more often than others which you may find informative.

  • The annual dollar limit for FSA contributions increases to $2,550.
  • But the annual limit for dependent care remains the same, at $5,000.
  • The HSA contribution limit for 2015 is $3,350 for single and $6,650 for family. The catch-up contribution limit remains unchanged at $1,000.
  • The IRS limits for high-deductible health plan (HDHP) maximum out-of-pocket amounts for 2015 are $6,450 for single and $12,900 for family.
  • Something to note: under the Affordable Care Act, the maximum out-of-pocket limits for an HDHP are $6,600 for single and $13,200 for family. Remember, though, that a plan has to comply with the IRS limits even though the ACA may permit them to be higher.
  • Also remember that under the ACA, the deductible, while part of the out-of-pocket expense of the participant, has its own limit. The maximum amount most plans can require participants to pay for deductibles increases to $2,050 for individuals and $4,100 for family.
  • The ACA transitional reinsurance drops to $44 per enrollee, but the Patient-Centered Outcomes Research Institute fee increases to $2.08 per covered life.
  • The adoption assistance tax credit rises to $13,400, and the range for phasing out the credit now starts at $201,010.

And lest we forget about retirement plans:

  • The elective deferral limits to most defined contribution retirement plans is increased to $18,000. The catch-up contribution limit for people over 50 increases to $6,000. Though not necessarily benefit plan related, the IRA contribution limit remains unchanged at $5,500, with a $1,000 catch-up limit.
  • The annual limit for a defined benefit plan remains unchanged at $210,000.
  • The annual limit for defined contribution plans increases slightly to $53,000.
  • Finally, the compensation limit used in the definition of “highly compensated employee” increases to $120,000.

If you are a benefit plan administrator or HR professional, chances are you will run across these numbers at some point during 2015.  And, of course, please contact me if you have questions.


Get in Touch

Lawman Benefits Consulting, Inc

P.O. Box 1177
Osprey, FL 34229

Office: 941-966-2228

Direct: 941-661-4069

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