The IRS recently announced retirement plan related dollar limits
for 2016. The items are unchanged from 2015; some of the key
figures are summarized in the chart below:
| 2016 Retirement Plan Limits | 2016 |
2015 | 2014 |
| Elective Salary Deferrals (401(k) & 403(b)) |
18,000 | 18,000 | 17,500 |
| Catch-Up Contribution (age 50 or older) |
6,000 | 6,000 |
5,500 |
| Maximum Compensation |
265,000 |
265,000 |
260,000 |
| Maximum Benefit For Defined Benefit Plan |
210,000 | 210,000 |
210,000 |
| Maximum Annual Addition For Defined Benefit
Plan |
53,000 | 53,000 |
52,000 |
| Pay Threshold To Determine HCE |
120,000 | 120,000 |
115,000 |
| Officer Pay Threshold To Determine Key Employee |
170,000 | 170,000 |
170,000 |
| Social Security Taxable Wage Base (OASDI) |
118,500 | 118,500 |
117,000 |
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.