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EMPLOYEE BENEFITS UPDATE: IRS Benefit Plan Limitations
Earlier today, the Internal Revenue Service issued the various retirement plan limitations for 2016. The most important numbers have not changed from 2015.
- Elective Deferral Limit—$18,000
- Catch-Up Contributions—$6,000
- 415 (Total) Plan Limit—$53,000
- Compensation Limit—$265,000
See an up-to-date chart that shows the historical limits from 2012 through 2016, and a reference to the IRS sources.