415 $ limit at age 55

[Guest Doogie61]

I have an actress who has a defined benefit plan. Her salary is off the charts high so we are capped at $245,000 for 2009.

I have a 55 retirement age (I have studies that actresses of her caliber retire at 55) and actuarial equivalence is defined in this plan as using the 1983 IAM with a 6 year setback (since she's a girl)...lol.

What is the maximum $$$ limit pension at age 55 for 2009?

I come up with $10,073 per month or $120,876.

Am I off here?

Doug

[Mike Preston]

By a gazillion, unless you are going to try and convince the IRS that you are funding for an annuity. Are you? If not, what is the lump sum you are funding for? And have you compared that to the 415$ limit lump sum at that age?

[Guest Doogie61]

By a gazillion, unless you are going to try and convince the IRS that you are funding for an annuity. Are you? If not, what is the lump sum you are funding for? And have you compared that to the 415$ limit lump sum at that age?

I'm funding for a lump sum at age 55...just not sure how to calculate that ?

[Mike Preston]

You aren't sure how to calculate the lump sum that you are funding for?

[Guest Doogie61]

It's not the lump sum ...it's backing into the 415 (b) max pension where I'm not sure.

[Mike Preston]

One step at a time.