The IRS has issued the contribution and benefit limits in effect for 2016. Most of these limits remain the same as in 2015. The following chart details the compensation, contribution and benefit limits for 2016. All limits are applicable for the plan year commencing in the respective year, except as stated otherwise below.
|
LIMIT |
2016 |
2015 |
2014 |
|
401(K) DEFERRAL CONTRIBUTIONS |
$18,000 (Calendar Year Limit) |
$18,000 (Calendar Year Limit) |
$17,500 (Calendar Year Limit) |
|
GOVERNMENTS AND TAX-EXEMPT PLANS DEFERRAL CONTRIBUTIONS |
$18,000 (Calendar Year Limit) |
$18,000 (Calendar Year Limit) |
$17,500 (Calendar Year Limit) |
|
401(K)/403(B)/ GOVERNMENTAL 457(B) CATCH-UP CONTRIBUTIONS FOR PARTICIPANTS OVER AGE 50 |
$6,000 (Calendar Year Limit) |
$6,000 (Calendar Year Limit) |
$5,500 (Calendar Year Limit) |
|
INCLUDIBLE COMPENSATION |
$265,000 |
$265,000 |
$260,000 |
|
ANNUAL DEFINED CONTRIBUTION PLAN LIMIT (415 LIMIT) |
$53,000 (Effective for Limitation Years Ending in 2016) |
$53,000 (Effective for Limitation Years Ending in 2015) |
$52,000 (Effective for Limitation Years Ending in 2014) |
|
DEFINED BENEFIT PLAN ANNUAL BENEFIT LIMITATION |
$210,000 |
$210,000 |
$210,000 |
|
FICA WAGE BASE FOR INTEGRATED PLANS |
$118,500 |
$118,500 |
$117,000 |
|
DEFINITION OF HIGHLY COMPENSATED EMPLOYEE |
For Determining HCEs in 2016, Employees Who Earned More than $120,000 in 2015 |
For Determining HCEs in 2015, Employees Who Earned More than $115,000 in 2014 |
For Determining HCEs in 2014, Employees Who Earned More than $115,000 in 2013 |
|
DEFINITION OF KEY EMPLOYEE (OFFICER COMPENSATION) |
$170,000 |
$170,000 |
$170,000 |
