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Jack Owen’s Tax Exempt Alert, October 2017

2018 Changes in Annual Qualified Retirement Plan Benefit Limits

The IRS recently announced the new annual qualified retirement plan benefit limits for 2018. Set forth in the table below is a summary of the most relevant new limits for 2016 – 2018.

These lists are mainly of interest to those of you familiar with retirement plans. If you do not understand the types of retirement plans referred to below or have any other questions regarding retirement plans in general, please contact our office for more information. Thank you.

2016 2017 2018
415 Limit for Defined Benefit Plans $210,000 $215,000 $220,000
415 Limit for Defined Contribution Plans 53,000 54,000 55,000
401(k) and 403(b) Maximum Deferral 18,000 18,000 18,500
Catch-up Contributions (age 50 and over) 6,000 6,000 6,000
Social Security Taxable Wage Base 118,500 127,200 128,700
Maximum Compensation Allowable for Benefit Purposes 265,000 270,000 275,000
Compensation For Highly Compensated Employee (“HCE”) Status 120,000 120,000 120,000
SIMPLE Maximum Deferral 12,500 12,500 12,500
457 Maximum Deferral 18,000 18,000 18,500

 

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Note: This provides general information regarding matters of interest to tax-exempt organizations. Such information is neither legal advice nor legal opinion concerning particular situations. If legal advice or opinion is required, legal counsel should be consulted.

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