IRS Annual Limits on Qualified Plans for 2017
On October 27, 2016, the Internal Revenue Service released the 2017 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans and health savings accounts. Changes from 2016 were minimal. Notice 2016-62 is available here.
The following chart summarizes the 2017 retirement plan limits and other benefit plan limits. The 2016 limits are provided for reference purposes.
|
|
2016 |
2017 |
|
Elective Deferral Limit 401(k), 403(b), 457(b) |
$18,000 |
$18,000 |
|
Catch-up Limit (age 50+) |
$6,000 |
$6,000 |
|
Defined Benefit Limit |
$210,000 |
$215,000 |
|
Defined Contribution Limit |
$53,000 |
$54,000 |
|
Dollar Limit – Highly Compensated Employees |
$120,000 |
$120,000 |
|
Officer – Key Employee |
$170,000 |
$175,000 |
|
Annual Compensation Limit |
$265,000 |
$270,000 |
|
SEP Eligibility Compensation Limit |
$600 |
$600 |
|
SIMPLE Deferral Limit |
$12,500 |
$12,500 |
|
SIMPLE Catch-up Limit (age 50+) |
$3,000 |
$3,000 |
|
Social Security Taxable Wage Base |
$118,500 |
$127,200 |
|
ESOP 5 Year Distribution Extension Account Minimum |
$1,070,000 |
$1,080,000 |
|
Additional Amount for 1-Year Extension |
$210,000 |
$215,000 |
|
HSA (Self/Family) Maximum Annual Contribution |
$3,350/$6,750 |
$3,400/$6,750 |
|
HDHP Minimum Deductible Limits |
$1,300/$2,600 |
$1,300/$2,600 |
|
Out-of-pocket Expense Annual Maximum |
$6,550/$13,100 |
$6,550/$13,100 |
|
Medical FSA |
$2,550 |
$2,600 |
Social Security Taxable Wage Base information is available here, and Revenue Procedure 2016-28, addressing other benefits limits, is available here.
