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
|
