IRS Announces 2016 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2016
Ponte Vedra Beach, FL — (October 23, 2015) — The IRS announced yesterday that there will be no cost of living adjustments for qualified pension and defined contribution plans. The important retirement plan limits for 2016 and 2015 are summarized below:
|Elective Deferral Limit for 401(k) and 403(b) Plans||$18,000||$18,000|
|Age 50 Catch Up Limit for 401(k) and 403(b) Plans||$6,000||$6,000|
|415 Defined Contribution Plan Limit||$53,000||$53,000|
|Qualified Compensation Limit||$265,000||$265,000|
|Highly Compensated Employee Limit||$120,000||$120,000|
|Key Employee Officer Compensation Limit||$170,000||$170,000|
|Social Security Taxable Wage Base||$118,500||$118,500|
Read the complete IRS announcement here: IRS Announces 2016 Pension Plan Limitations (October 21, 2015)
About Fulcrum Partners LLC :
Fulcrum Partners LLC (www.fulcrumpartnersllc.com) is one of the nation’s leading and largest executive benefits consultancies. A team of experienced industry professionals, the consultants at Fulcrum Partners focus on an integrated approach to the design, financing, and plan administration of executive benefits programs. Fulcrum Partners LLC is a wholly independent, member-owned firm dedicated to helping organizations enhance their Total Rewards Strategy. Founded in Ponte Vedra Beach, FL in 2007, today the company has offices in Atlanta; Chicago; Charleston, (South Carolina); Columbus, (Ohio); Delray Beach, Florida; Honolulu; Houston; Los Angeles; Orlando; Ponte Vedra Beach, (Florida); Portland, (Oregon); and Washington D.C.
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