IRS Announces 2016 Retirement Plan Dollar Limits

The IRS recently announced cost of living adjustments for 2016.  In general, the dollar limitations for retirement plans remained the same.  The key dollar amounts are noted below, all of which remain unchanged from 2015.

Maximum Qualified Retirement Plan Dollar Limits
	2015/2016
Limit on Section 401(k) deferrals (Section 402(g))	$18,000
Dollar limitation for catch-up contributions (Section 414(v)(2)(B)(i))	$6,000
Limit on deferrals for government and tax-exempt organization deferred compensation   plans (Section 457(e)(15))	$18,000
Annual benefit limitation for a defined benefit plan (Section 415(b)(1)(A))	$210,000
Limitation on annual contributions to a defined contribution plan (Section 415(c)(1)(A))	$53,000
Limitation on compensation that may be considered by qualified retirement plans (Section   401(a)(17))	$265,000
Dollar amount for the definition of highly compensated employee (Section   414(q)(1)(B))	$120,000
Dollar amount for the definition of key employee in a top-heavy plan (Section   416(i)(1)(A)(i))	$170,000
Dollar amount for determining the maximum account balance in an ESOP subject to a   five-year distribution period (Section 409(o)(1)(C)(ii))	$1,070,000
SIMPLE retirement account limitation (Section 408(p)(2)(E))	$12,500
Social Security Taxable Wage Base	$118,500