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Employment Blog

IRS Announces 2017 Qualified Plan Limits; Pumpkin Spice Inexplicably Lacking

Authored by Mary Ellen Schill
Posted on October 27, 2016
Filed under Employment

Late each October, the IRS gets around to announcing the cost of living adjustments for qualified plans for the upcoming year.  This year was no exception, and here they are [Plan Limits].   Unlike last year, 2017 brings some increases to the limits, like the increase in the compensation limit (the maximum amount of compensation a plan can take into account) from $265,000 to $270,000.  For those looking to defer more, unfortunately the limit on elective deferrals (and the catch-up contribution limit) remains the same at $18,000 and $6,000, respectively.

The Social Security Administration earlier announced the new taxable wage base for 2017, and it has increased also, to $127,200.

So, enjoy these increases even without the usual pumpkin spice that everything seems to include this time of year!