IRS Publishes New Maximum Benefit and Contribution Rules for 2009

The IRS has published its annual update of plan contribution and benefit limitations for 2009. Key changes for ESOP companies include:

• 401(k) elective deferrals: $16,500
• Annual allocation limit: $49,000
• Annual compensation limit: $245,000
• Highly compensated threshold: $110,000
• Top-heavy plan key employee definition: $160,000