PRESS RELEASE

October 2010

New York, NY - IRS Announces No Changes to 2011 Dollar Limits for 401(k) and 403(b) Plans

The IRS recently announced no changes to the 2011 dollar limits that affect 401(k), 403(b), 457(b) plans and the federal government's Thrift Savings Plans. Please see below for a recap of the key points:

• The elective deferral (contribution) limit remains unchanged at $16,500.

• The catch-up contribution limit under those plans for those aged 50 and over remains unchanged at $5,500.

• The limitation for defined contribution plans under Section 415(c)(1)(A) remains unchanged at $49,000.

• The annual compensation limit under Sections 401(a)(17), 404(l), 408(k)(3)(C), and 408(k)(6)(D)(ii) remains unchanged at $245,000.

• The dollar limitation under Section 416(i)(1)(A)(i) concerning the definition of key employee in a top-heavy plan remains unchanged at $160,000.

• The limitation used in the definition of highly compensated employee under Section 414(q)(1)(B) remains unchanged at $110,000.

The complete IRS Announcement is available at http://www.irs.gov/newsroom/article/0,,id=229975,00.html.

For more information please contact Harold Gelernter, CPA, Partner and Partner Designee to the AICPA Employee Benefit Plan Audit Quality Center at hgelernter@loebandtroper.com or 212-867-4000, ext. 242.


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