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]]>The Internal Revenue Service has announced the 2017 cost of living adjustments to various limits. The adjusted amounts generally apply for plan years beginning in 2017. Some of the adjusted amounts, however, apply to calendar year 2017.
Employee Benefit Plans |
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| Plan Year | 2017 | 2016 |
| 401(k), 403(b), 457 deferral limit | $18,000 | $18,000 |
| Catch-up contribution limit (age 50 or older by end of 2016) | $6,000 | $6,000 |
| Annual compensation limit | $270,000 | $265,000 |
| Annual benefits payable under defined benefit plans | $215,000 | $210,000 |
| Annual allocations to accounts in defined contribution plans | $54,000
(but not more than 100% of compensation) |
$53,000
(but not more than 100% of compensation) |
| Highly compensated employee | Compensation more than $120,000 in 2016 plan year | Compensation more than $120,000 in 2015 plan year |
Health Savings Accounts |
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| Calendar Year | 2017 | 2016 |
Maximum contribution
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| Catch-up contribution (participants who are 55 by end of year) |
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Minimum deductible
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Maximum out-of-pocket
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Social Security |
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| Calendar Year | 2017 | 2016 |
| Taxable wage base | $127,200 | $118,500 |
| Maximum earnings without loss of benefit |
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Social Security Retirement Age |
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| Year of Birth | Retirement Age |
| Prior to 1938 | Age 65 |
| 1938 | 65 and 2 months |
| 1939 | 65 and 4 months |
| 1940 | 65 and 6 months |
| 1941 | 65 and 8 months |
| 1942 | 65 and 10 months |
| 1943 – 1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and later | 67 |
© 2016 Varnum LLP
The post Cost of Living Adjustments for 2017 from Internal Revenue Service appeared first on The National Law Forum.
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