The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for plans for the 2017 tax year. Many of the plan limits remain unchanged from 2016 to 2017.
Listed below are the limits for 2016 and 2017 for your reference and review:
| Type of Limitation | 2016 | 2017 | | 401(k)/403(b) 402(g)Elective Deferrals | $18,000 | $18,000 | | 457(b)(2) and 457(c)(1) Elective Deferrals | $18,000 | $18,000 | | Catch-up Amount (414(v)) | $6,000 | $6,000 | | Annual Compensation | $265,000 | $270,000 | | Maximum Defined Contribution | $53,000 | $54,000 | | Highly Compensated Employee | $120,000 | $120,000 |
This is information is not intended as authoritative guidance or tax or legal advice. You should consult with your attorney or tax advisor for guidance on your specific situation. |
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