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2017 Benefits Limits Announced

Hodgson Russ Newsletter
October 31, 2016

The Internal Revenue Service and Social Security Administration have announced the cost of living adjusted dollar limits applicable to benefit plans.  A listing of key limits is set out below:

 

2017 LIMIT

401(k)/403(b)/457   plan maximum elective deferral

$18,000

401(k)/403(b)/457   Catch-up

$6,000

Defined   contribution maximum annual addition

$54,000

Defined   benefit maximum annual pension

$215,000

Qualified   plans maximum compensation limit

$270,000

Highly Compensated Employee

$120,000

IRA   Limit

$5,500

IRA   Catch-up

$1,000

SIMPLE   Limit

$12,500

SIMPLE   Catch-up

$3,000

Social   Security Taxable Wage Base

$127,200