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Retirement Plan Contribution Limits for 2017 Announced

Retirement Plan Contribution Limits for 2017 Announced

Many retirement plan contribution limits have remained unchanged for the next year as inflation and the cost-of-living index did not meet the statutory thresholds to make an adjustment.

We have outlined the changes below affecting retirement plans.

For simplified employee pension (SEP) IRAs and individual/solo 401(k) plans, elective deferrals increase to $54,000. This is an amount you can ask your employer to deduct from your pay and contribute on your behalf to an employer-sponsored retirement plan.

An increase to $215,000 for the basic limitation on annual benefits under a defined benefit plan was also imposed. This is a limit to measure how much a person receives in annual benefits (healthcare, insurance, retirement contributions, etc.).

For more information on contribution limits, visit the IRS website.

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