2017 Dollar Limits on Benefits & Compensation for Qualified Retirement Plans, SEPs and SIMPLEs
- October 26, 2016
The IRS recently announced the 2017 dollar limits on benefits and compensation for qualified retirement plans, SEPs and SIMPLEs.
These limits increase annually based on cost-of-living adjustments (COLA) subject to preset minimum increments. However, this year's COLA did not achieve the preset minimum increments for many categories; therefore, only the limits for 2017 shown in bold below increased compared to the 2016 limits. Lastly, although it is not subject to increase based on preset minimum increment increases, the Social Security Wage Base did increase to 127,200.
Commentary Although many of the limits did increase, all limits remain at historically high levels to facilitate plan designs that favor Key employees and business owners.
Access 2013-2017 limits chart here or via link provided below.
© 2016 ERISA Expertise LLC All Rights Reserved
The information provided is intended as a general resource, not as investment or retirement planning, or legal plan compliance advice or counsel. If you consider any actions discussed in this update, we suggest that you consult a qualified planning, tax or ERISA professional. ERISA Expertise LLC and Barry R. Milberg do not warrant and are not responsible for any errors and omissions from this update. Any tax advice included in this written or electronic communication is not intended or written to be used, and it cannot be used, by the taxpayer for the purpose of avoiding any penalties that may be imposed on the taxpayer by any governmental taxing authority or agency.