IRS Announces 2016 Plan Contribution and Benefit Limits
On October 21, 2015, the Internal Revenue Service announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items beginning January 1, 2016. See the chart below for further details.
|Annual Compensation Limits For Retirement Program Purposes||265,000||265,000|
|Elective Deferrals 403(b) – (for under age 50)||18,000||18,000|
|Catch-up Contributions For 403(b) Plan Participants age 50 and over||6,000||6,000|
|457 (b) Elective Deferrals||18,000||18,000|
|457(b) Catch Up Contribution (Subject To Age And Other Restrictions)||18,000||18,000|
|Defined Contribution Limits On Maximum Combined Employee/Employer Contributions To Defined Contributions Plans||53,000||53,000|
|Social Security Taxable Wage Base||118,500||118,500|
|Medicare Wage Base||No Limit||No Limit|
All figures in US dollars.
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