1. Home
  2. |Insights
  3. |IRS Announces Inflation-Adjusted Dollar Limits for 2004

IRS Announces Inflation-Adjusted Dollar Limits for 2004

Client Alert | 1 min read | 12.22.03

In IR-2003-122, the IRS announced the limitations applicable to contributions and benefits under various employee benefit provisions of the Code for 2004, as adjusted for changes in the cost of living. The 2004 limits are as follows:

Item
2004
2003
Maximum annual annuity payable from a tax-qualified defined benefit pension plan at age 65
$165,000
$160,000
Maximum "annual addition" to a participant's account under a tax-qualified defined contribution plan
$41,000
$40,000
Elective Deferrals under Code Section 402(g)
$13,000
$12,000
SIMPLE plan elective contributions
$9,000
$8,000
(2003)
Section 401(a)(17) Limit on annual amount of a participant's compensation that can be taken into account for contribution or benefit purposes under a tax-qualified retirement plan
$205,000
$200,000
Section 401(a)(17) compensation limit with COLA adjustment
$305,000
$300,000
Compensation threshold for definition of "highly compensated employee"
$90,000
$90,000
Compensation limit for determining "key employees" for top-heavy plan purposes
$130,000
$130,000
Compensation limit for definition of "control employee for fringe benefit valuation purposes
$80,000
$80,000
Compensation limit for definition of "control employee for fringe benefit valuation purposes
$80,000
$80,000
ESOP five-year distribution limit
$830,000
$810,000

 

Insights

Client Alert | 13 min read | 10.30.25

Federal and State Regulators Target AI Chatbots and Intimate Imagery

In the first few years following the public launch of generative artificial intelligence (AI) in the autumn of 2022, litigation related to AI focused primarily on claims of copyright infringement. Suits revolved around allegations that the data on which AI models train, and/or the output they produce, infringe upon the intellectual property rights of others. (While some of these cases have settled or reached preliminary judgments, many remain ongoing.)...

View All Insights