|401(K), SEP and 403(b) tax-sheltered annuity plan elective deferrals||$18,000||$18,000|
|Additional catch-up contributions for individuals over age 50||$6,000||$6,000|
|IRA contribution limit for individuals who are not active in another plan||$5,500||$5,500|
|Additional IRA catch-up contributions for individuals over age 50||$1,000||$1,000|
|Employee annual compensation limit to be taken into account by plan||$265,000||$270,000|
|Annual additions under defined contribution plan may not exceed the lesser of 100% of the participant’s compensation or:||$53,000||$54,000|
|Social security tax wage limit||$118,500||$127,200|
Plan sponsors would be well advised to check with their payroll and other service providers to assure that these IRS limits are properly applied for the 2017 year.
If you need more information regarding the limits noted above, please see COLA Increases for Dollar Limitations on Benefits and Contributions.
The information contained herein is not necessarily all inclusive, does not constitute legal or any other advice, and should not be relied upon without first consulting with appropriate qualified professionals for your plan’s individual facts and circumstances.