The IRS has announced the retirement plan limits for 2016. As you can see from the chart below, there are no changes from the limits set in 2015.
| Code Section | 2016 | 2015 |
| 401(a)(17)/404(l) – Annual Compensation | $265,000 | $265,000 |
| 402(g)(1) – Elective Deferrals | 18,000 | 18,000 |
| 408(k)(2)(C) – SEP Minimum Compensation | 600 | 600 |
| 408(k)(3)(C) – SEP Maximum Compensation | 265,000 | 265,000 |
| 408(p)(2)(E) – SIMPLE Maximum Contributions | 12,500 | 12,500 |
| 409(o)(1)(C) – ESOP Maximum Account Balance | 1,070,000 | 1,070,000 |
| 409(o)(1)(C) – ESOP Maximum Dollar Amount | 210,000 | 210,000 |
| 414(q)(1)(B) – Highly Compensated Employee Threshold | 120,000 | 120,000 |
| 414(v)(2)(B)(i) – Catch-up Contribution | 6,000 | 6,000 |
| 414(v)(2)(B)(ii) – Catch-up Contribution – SIMPLE 401(k) Plans | 3,000 | 3,000 |
| 415(b)(1)(A) – Defined Benefit Annual Benefit Limit | 210,000 | 210,000 |
| 415(c)(1)(A) – Defined Contribution Annual Addition Limit | 53,000 | 53,000 |
| 416(i)(1)(A)(i) – Key Employee Dollar Limit | 170,000 | 170,000 |
| 457(e)(15) – 457(b) Salary Deferral Limit | 18,000 | 18,000 |
The limits for Health Savings Accounts and High Deductible Health Plans, listed below, were announced earlier in the year.
| Code Section | 2016 | 2015 |
| 223(c) – HDHP Minimum Annual Deductible – Self-Only | $1,300 | $1,300 |
| 223(c) – HDHP Minimum Annual Deductible – Family | 2,600 | 2,600 |
| 223(c) – HDHP Out-of-Pocket Maximum – Self-Only | 6,550 | 6,450 |
| 223(c) – HDHP Out-of-Pocket Maximum – Family | 13,100 | 12,900 |
| 223(b) – HSA Maximum Contribution Limit – Self-Only | 3,350 | 3,350 |
| 223(b) – HSA Maximum Contribution Limit – Family | 6,750 | 6,650 |
| 223(b) – HSA Catch-Up Contribution Limit | 1,000 | 1,000 |
If you have any questions regarding any of these limits, please contact Jo-Anne Mineweaser at (412) 594-3920 or jmineweaser@tuckerlaw.com