The IRS has announced the retirement plan limits for 2016. As you can see from the chart below, there are no changes from the limits set in 2015.
|
Code Section |
2016 |
2015 |
|
401(a)(17)/404(l) – Annual Compensation |
$265,000 |
$265,000 |
|
402(g)(1) – Elective Deferrals |
18,000 |
18,000 |
|
408(k)(2)(C) – SEP Minimum Compensation |
600 |
600 |
|
408(k)(3)(C) – SEP Maximum Compensation |
265,000 |
265,000 |
|
408(p)(2)(E) – SIMPLE Maximum Contributions |
12,500 |
12,500 |
|
409(o)(1)(C) – ESOP Maximum Account Balance |
1,070,000 |
1,070,000 |
|
409(o)(1)(C) – ESOP Maximum Dollar Amount |
210,000 |
210,000 |
|
414(q)(1)(B) – Highly Compensated Employee Threshold |
120,000 |
120,000 |
|
414(v)(2)(B)(i) – Catch-up Contribution |
6,000 |
6,000 |
|
414(v)(2)(B)(ii) – Catch-up Contribution – SIMPLE 401(k) Plans |
3,000 |
3,000 |
|
415(b)(1)(A) – Defined Benefit Annual Benefit Limit |
210,000 |
210,000 |
|
415(c)(1)(A) – Defined Contribution Annual Addition Limit |
53,000 |
53,000 |
|
416(i)(1)(A)(i) – Key Employee Dollar Limit |
170,000 |
170,000 |
|
457(e)(15) – 457(b) Salary Deferral Limit |
18,000 |
18,000 |
The limits for Health Savings Accounts and High Deductible Health Plans, listed below, were announced earlier in the year.
|
Code Section |
2016 |
2015 |
|
223(c) – HDHP Minimum Annual Deductible – Self-Only |
$1,300 |
$1,300 |
|
223(c) – HDHP Minimum Annual Deductible – Family |
2,600 |
2,600 |
|
223(c) – HDHP Out-of-Pocket Maximum – Self-Only |
6,550 |
6,450 |
|
223(c) – HDHP Out-of-Pocket Maximum – Family |
13,100 |
12,900 |
|
223(b) – HSA Maximum Contribution Limit – Self-Only |
3,350 |
3,350 |
|
223(b) – HSA Maximum Contribution Limit – Family |
6,750 |
6,650 |
|
223(b) – HSA Catch-Up Contribution Limit |
1,000 |
1,000 |
