| | IRS Announces Benefits Limitations | | Retirement Plan Deferral Limit Unchanged for 2017 | | The Internal Revenue Service (IRS) announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017 in Notice 2016-62. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $18,000. In addition, the catch-up contribution limit for employees age 50 and older who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $6,000. Other limits also remained unchanged according to an IRS Notice, but the annual 415 limit increased.Read more > |
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