Retirement plan limitations.

Retirement Plan Limitations

IRS News Release, IR-2003-122, 10/16/03, announced 2004 retirement plan
limitations. Selected 2004 and 2003 limitations are as follows:

                                                      2004      2003

Exclusion of elective deferrals regarding Sec.
401(k) and certain other plans
[Sec. 402(g)(1) and (3)]                              $13,000   $12,000

Defined contribution plan annual addition [Sec.       $41,000   $40,000
415(c)(1)(A)]

Defined benefit plan annual benefit [Sec.             $165,000  $160,000
415(b)(1)(A)]

Annual compensation limit [Secs. 401(a)(17), 404(l),  $205,000  $200,000
408(k)(3)(C) and 408(k)(6)(D)(ii)]

Definition of highly compensated employee [Sec.       $90,000   $90,000
414(q)(1)(B)]

Dollar limitation for defining key employee in        $130,000  $130,000
top-heavy plan [Sec. 416(i)(1)(A)(i)]

Compensation requirement for simplified employee      $450      $450
pensions [Sec. 408(k)(2)(C)]

Dollar limitation concerning SIMPLE retirement        $9,000    $8,000
accounts [Sec. 408(p)(2)(E)]

Limitation on deferrals regarding deferred            $13,000   $12,000
compensation plans of state and local governments
and tax-exempt organizations [Sec. 457(e)(15)]

Dollar limitation for catch-up contributions for
individuals aged 50 or over made to:

Applicable employer plans described in Secs.          $1,500    $1,000
401(k)(11) or 408(p)

Other applicable employer plans [Sec.                 $3,000    $2,000
414(v)(2)(B)(ii) and (i)]