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IRS Announces 2016 Qualified Retirement Plan Limits

The IRS recently announced cost-of-living adjustments for 2016, which leave many key plan limits unchanged. The following is a list of some key annual limits that will apply to qualified retirement plans in 2016: Elective deferrals to 401(k) and 403(b) plans: $18,000. Annual additions to a defined contribution plan: $53,000. Catch-up contributions for employees aged 50 and over to 401(k) and 403(b) plans: $6,000. Annual benefit limit for a defined benefit plan: $210,000. Compensation dollar limit for defining a ?Ç£key employee?Ç¥ in a top heavy plan: $170,000. Compensation dollar limit for defining a ?Ç£highly compensated employee?Ç¥: $120,000. Compensation limit in calculating a participant?ÇÖs benefit accruals: $265,000. The full list of 2016 plan limits can be found in IRS Information Release 2015-118?áhere.

October 2015
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