Wow, 2015 is flying by! Before you know it we’ll be heading into 2016. Keep an eye out as we’ll be sharing some helpful information to keep you informed moving into the new year.
Recently, the IRS announced the 2016 limits that impact retirement and other benefit plans. These amounts have remained unchanged from the 2015 limits with the exception of the Health Savings Account Family Limit, which increased $100.
Below you’ll see the 2016 limits along with the two years prior. These will affect dollar limitations for pension plans and other retirement-related items. An individual can defer the lesser of $18,000 or 100 percent of pay. Compensation limits and cost of living increases are applicable to defined contribution retirement plans.
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