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2016 |
2017 |
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2016 |
2017 |
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SECTION 401(k) PLAN and SECTION 403(b) PLAN LIMITS
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SIMPLIFIED EMPLOYEE PENSIONS (SEP's)
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Aggregate Section 401(k) pre-tax and Roth salary deferrals by employees
|
$18,000 |
$18,000 |
Compensation at which plan participation is mandatory |
$600 |
$600 |
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Maximum Section 403(b) pre-tax and Roth contributions
|
$18,000 |
$18,000 |
SIMPLE PLANS |
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Age 50 or older "catch-up" contribution dollar limit
|
$6,000 |
$6,000 |
Deferral limit |
$12,500 |
$12,500 |
| COMPENSATION LIMITS |
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Age 50 or older "catch-up" contributions |
$3,000 |
$3,000 |
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Maximum annual includible compensation limit
|
$265,000 |
$270,000 |
PENSION BENEFIT GUARANTY CORPORATION |
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| STATE/LOCAL AND TAX-EXEMPT SECTION |
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Maximum guaranteed monthly benefit at age 65 (single life)
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$5,011.33 |
$5,369.32 |
| 457 PLAN LIMITS |
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SOCIAL SECURITY
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| Maximum Section 457(e)(15) elective deferral dollar limit by employees |
$18,000 |
$18,000 |
Maximum taxable earnings subject to FICA tax: |
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Age 50 or older "catch-up" contribution dollar limit (governmental)
|
$6,000 |
$6,000 |
OASDI portion |
$118,500 |
$127,200 |
| ANNUAL SECTION 415 DOLLAR LIMITS |
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Medicare portion |
No Limit |
No Limit |
| Defined benefit maximum (Section 415(b)) |
$210,000 |
$215,000 |
HEALTH SAVINGS ACCOUNT ("HSA") |
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Defined contribution maximum (Section 415(c))
|
$53,000 |
$54,000 |
Maximum Annual Contributions Limits: |
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HIGHLY COMPENSATED EMPLOYEES
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Single |
$3,350 |
$3,400 |
| Compensation Limit (for look-back year) |
$120,000 |
$120,000 |
Family |
$6,750 |
$6,750 |
| EMPLOYEE STOCK OWNERSHIP PLANS |
|
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Catch-up (55 or older) |
$1,000 |
$1,000 |
| Threshold amount for exception to five-year distribution requirement |
$1,070,000 |
$1,080,000 |
FLEXIBLE SPENDING ACCOUNTS ("FSA") |
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Incremental amount for distribution beyond five years
|
$210,000 |
$215,000 |
Health FSA maximum annual employee contribution |
$2,550 |
$2,600 |
| KEY EMPLOYEE IN TOP HEAVY PLAN |
$170,000 |
$175,000 |
Dependent Care FSA maximum (unless married filing separately) |
$5,000 |
$5,000 |
If you have any employee benefit questions, please contact Doug Ellis at (412) 394-2367 | dellis@clarkhill.com; Nancy Farnam at (248) 530-6222 | nfarnam@clarkhill.com; Ed Hammond at (248) 988-1821 | ehammond@clarkhill.com; or another member of Clark Hill's Labor and Employment Practice Group.
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