Important Plan Limits

IRS Announces Plan Limits for 2016

On October 21, 2015, the Internal Revenue Service announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2016. We have presented a few of the more important plan limits below. For more information, please contact us at 1-800-594-7700.

Description

2015 2016
401(k) Deferrals
18,000
18,000
401(k) Catch-Up Deferrals (Age 50+)
6,000 6,000
SIMPLE Deferrals
12,500
12,500
SIMPLE Catch-Up Deferrals (Age 50+)
3,000 3,000
DC Plan Contribution Limit (Section 415)
53,000
53,000
Plan Compensation Limit
265,000
265,000
HCE Compensation Limit
120,000
120,000
SS Taxable Wage Base
118,500
118,500