GroupGroupBuck_BondGroup

IRS Announces Key Retirement Plan Limits for 2017

by , and Tags: ,

Volume 39 | Issue 125

Download this For Your Information as a printable PDF

The IRS has issued a press release announcing the retirement plan limits for 2017. Other plan limits were released earlier this week and are summarized in our October 25, 2016 FYI Alert.

Retirement Plan Limits

The table below lists the key 2017 limits side by side with the limits in effect for 2016 with changes bolded:

  2017 2016
401(k)/403(b) elective deferral maximum $ 18,000 $ 18,000
§415 defined benefit dollar maximum $ 215,000 $ 210,000
§415 defined contribution annual addition maximum $ 54,000 $ 53,000
§457(b) nonqualified deferred compensation limit $ 18,000 $ 18,000
§401(a)(17) annual compensation limit $ 270,000 $ 265,000
§414(q) highly compensated employee limit $ 120,000 $ 120,000
§414(v) catch-up contribution limit $ 6,000 $ 6,000
§416(i) top-heavy officer limit $ 175,000 $ 170,000

 

The Section 401(a)(17) annual compensation limit for certain grandfathered participants in governmental plans in existence on July 1, 1993, rises to $400,000 for 2017 from $395,000.

In Closing

Our For Your Reference, a wallet-sized booklet showing retirement plan and other benefit limits, as well as various key Social Security and Medicare figures, will be available shortly from your consultant.

 

 

 

Related insights

IRS releases key retirement plan limits for 2021

The IRS has issued Notice 2020-79 announcing the retirement plan limits for 2021. Download...

Read more

PBGC premium rates to increase for 2021

PBGC has announced 2021 premium rates for single-employer and multiemployer plans. The rates for...

Read more

IRS announces some 2021 benefit plan limits

The IRS has issued Revenue Procedure 2020-45, which contains 2021 limits for health flexible...

Read more