2017 Retirement Plan Contribution Limitations Announced
In late October, the Internal Revenue Service (IRS) announced the 2017 dollar limitation for qualified retirement plans. Most of the limitations remain unchanged from 2016. Some of the limitations are highlighted in the table below.
The contribution limit for 401(k) plans remains at $18,000, with the catch-up contribution limit remaining at $6,000. The annual additions limit increased to $54,000 and the compensation amount used to classify highly-compensated employees (HCEs) remains unchanged at $120,000.
For a comprehensive list of all pension plan limitations, please click here.