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PR TREASUY DEARTMENT ANNOUNCES 2014 RETIREMENT PLAN LIMITATIONS

The Puerto Rico Department of the Treasury issued Circular Letter No. 14-01 announcing the dollar limitations for pension plans and other retirement-related items for tax year 2014. Some pension plan limitations will remain unchanged. However, other pension plan limitations will increase for 2014 following the IRS News Release IR-2013-86. Highlights include the following:

• The annual benefit limitation for defined benefit plans under Section 1081.01(a)(11)(A)(i) is increased from $205,000 to $210,000.

• The annual additions limitation for defined contribution plans under Section 1081.01(a)(11)(B)(i) is increased in 2014 from $51,000 to $52,000.

• The annual compensation limit under Section 1081.01(a)(12) is increased from $255,000 to $260,000.

• The limitation used in the definition of highly compensated employee under Section 1081.01(d)(3)(E)(iii) remains unchanged at $115,000.

• The Elective Deferral (or pre-tax contributions) limitation for employees who participate in defined contribution plans qualified under Section 1081.01(a) of the Puerto Rico Code and under Section 401(k) of the United States Code remains unchanged at $17,500.

• The Additional Contributions (or catch-up contributions) limitation for federal government employees aged 50 and over remains unchanged at $5,500.

• The Elective Deferral (or pre-tax Contributions) limit for employees who participate in 1081.01(d) plans remains unchanged at $15,000.

• The Voluntary Contributions (or after-tax contributions) limitation under Section 1081.01(a)(17) remains unchanged at 10% of the employee's aggregated compensation since he/she began participating in the plan.

• The Additional Contributions (or catch-up contributions) limitation for employees aged 50 and over who participate in 1081.01(d) plans remains unchanged at $1,500.

Circular Letter No. 14-01 can be accessed here.

 

The Labor Law Group at Fiddler González & Rodríguez, P.S.C., will issue the FGR LABOR WATCH with information of legal issues and developments in areas of interest to our friends and clients. If you know anyone who would like to receive the FGR LABOR WATCH, please feel free to forward this newsletter. For more information about any matter raised in this Labor Watch, please contact your usual FGR labor lawyer or José A. Silva Cofresí at jsilva@fgrlaw.com.

©2014 FIDDLER GONZÁLEZ & RODRÍGUEZ, P.S.C. Permission is granted to view, store, print, copy or distribute the content of this newsletter for noncommercial or personal use, provided you do not alter it and you give us proper credit. The content of this newsletter is for informational purposes only. It is not legal advice or advertising. In addition, the above discussion has been provided in general terms and, therefore, should not be relied upon as legal advice applicable to a specific set of facts and circumstances. Before taking legal action, consult a lawyer you trust. Although we will try to be accurate, you cannot rely on its applicability to your specific problem without consulting your lawyer. Fiddler González & Rodríguez, P.S.C. and the members of the Labor Law Group assume no responsibility to inform you of additional changes in law or any other legal issues related to matters addressed in this email of which we may become aware after the date hereof. This newsletter is not intended to create an attorney-client relationship between you and our firm or any of our attorneys. If we are not already representing you, be mindful that your email communications to any of our lawyers will not be treated as privileged or confidential until you ask us to represent you, we first conduct a conflict of interest search, we agree to represent you and you sign an engagement letter from the law firm.

***IRS CIRCULAR 230 DISCLOSURE: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any United States federal tax advice in this communication (including any attachments) is not intended or written by Fiddler González & Rodríguez, P.S.C. to be used, and cannot be used, for the purpose of (i) avoiding any penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. **

 

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