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 | 8 min read | 01.17.25

Cyber For All: Proposed Rule Introduces Government-Wide CUI Cybersecurity Requirements

On January 15, 2025, the FAR Council released a proposed rule (FAR CUI Rule) that would amend the FAR to implement federal government-wide Controlled Unclassified Information (CUI) cybersecurity, training, and incident reporting requirements for government contractors and subcontractors.  The rule’s key cybersecurity requirements closely mirror the Department of Defense’s Cyber Maturity Model Certification (CMMC) program (for example, compliance with National Institute of Standards and Technology Special Publication 800-171, Revision 2), but broaden the scope to include contractors and subcontractors working across all federal agencies.  The Rule is intended to standardize the handling of CUI by federal government contractors and subcontractors in accordance with Executive Order 13556, including by:...

View All Insights