Posted:
October 31, 2014
The Internal Revenue Service has increased the contribution limit and catch-up contribution limit for individual 401(k) accounts for 2015. These changes will apply to all participants of the American Maritime Officers 401(k) Plan.
401(k) Contributions: The contribution limit for an individual 401(k) account will increase from the current level of $17,500 per year to $18,000 in 2015.
Catch-Up Contributions: The catch-up contribution limit for a 401(k) account for an individual who will be age 50 or older in 2015 will increase from the current level of $5,500 per year to $6,000 in 2015. As a result of these increases, individuals who will be age 50 or older in 2015 may contribute a maximum of $24,000 to an individual 401(k) account in 2015.
AMO Plans participants with questions regarding the 401(k) Plan or their contributions can contact our financial advisers, the Atlantic Group at Morgan Stanley, at (800) 975-7061, or . Participants can also contact the Plan Office at (800) 348-6515 ext. 14, or .
To adjust contributions for 2015, or to establish a 401(k) account, download the 2015 AMO 401(k) Plan Enrollment Form.
The bulletin addressing these and other adjustments is available on the IRS website.
IRS Increases Contribution and Catch-Up Contribution Limits for 401(k) Accounts for 2015
The Internal Revenue Service has increased the contribution limit and catch-up contribution limit for individual 401(k) accounts for 2015. These changes will apply to all participants of the American Maritime Officers 401(k) Plan.
401(k) Contributions: The contribution limit for an individual 401(k) account will increase from the current level of $17,500 per year to $18,000 in 2015.
Catch-Up Contributions: The catch-up contribution limit for a 401(k) account for an individual who will be age 50 or older in 2015 will increase from the current level of $5,500 per year to $6,000 in 2015. As a result of these increases, individuals who will be age 50 or older in 2015 may contribute a maximum of $24,000 to an individual 401(k) account in 2015.
AMO Plans participants with questions regarding the 401(k) Plan or their contributions can contact our financial advisers, the Atlantic Group at Morgan Stanley, at (800) 975-7061, or . Participants can also contact the Plan Office at (800) 348-6515 ext. 14, or .
To adjust contributions for 2015, or to establish a 401(k) account, download the 2015 AMO 401(k) Plan Enrollment Form.
The bulletin addressing these and other adjustments is available on the IRS website.