415 lump sum limit

[Pension RC]

I am working on a one-man DB plan. The participant's date of birth is 7/29/1948. Therefore, at 1/1/2013, the participant is 64.427 years old. His high-3 comp is $200,000, which is less than the dollar limit of $205,000. He has over 10 years of service and compensation. For the lump sum using statutory assumptions (5.5% and 2013 AMT), I am getting a limit of $2,376,153.55 for a 64 year old (using N64(12)/D64) and a limit of $2,320,292.40 for a 65 year old (using N65(12)/D65) and interpolate to get a 1/1/2013 limit of $2,352,343,54.

Does anyone have any ideas of how I can get the limit to be any higher?

Any thoughts would be appreciated.

Thanks!

[Mike Preston]

Raise his average comp to 205000, otherwise, your calculation is within a few hundred dollars of mine.

[ubermax]

RC check the 415 regs , as I recall you would apply the benefit , i.e. hopefully the 205K as Mike suggested, against the smaller of three(3) APRs in order to comply with 415 .

[Calavera]

Raise the average comp to 255000 and continue the plan until age 67-68.