General Information

   

2013 LIMITS FOR BENEFIT PLAN

The Benefit Plan limits for 2013 have been published and are provided for your information.

Annual limit for 401(k) Plan Deferrals $17,500
Annual limit for 401(k) Catch Up contributions $5,500
Definition of "Highly" Compensated $115,000 *
Social Security Wage Base $113,700
Social Security Tax 6.2%
NAF Retiree COLA 2% (Based on consumer price index)

Medicare tax remains at 1.45% (In 2013 the Patient Protection Affordable Care Act is scheduled to increase the Medicare tax rate .9% (to 2.35%) for higher income individuals.  ($200,000 for single tax filers and $250,000 for couples filing jointly ($125,000 married filing separately)).

Dependent Care (for FSA) annual max deferral remains at $5,000

Health Care (for FSA) annual max dererral reducing to $2,500

For the NAF Retirement Plan- There will be a 2% increase for eligible retirees effective 1 January 2013.
* There is no discrimination testing for 401(k) Plans, but discrimination testing is applicable for FSA Dependent Care and Health Care.