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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 |