2017 Annual Benefit Plan Amounts
December 9, 2016 - 9:08 AM
Reading Time: 1 Minute, 58 Seconds
Contribution & Benefit Limits |
2016 Limit |
2017 Limit |
Section 401(k), 403(b), or 457(b) annual deferral |
$18,000 |
$18,000 |
SIMPLE plan annual deferral |
$12,500 |
$12,500 |
Section 415 maximums |
- Annual benefit from defined
|
$210,000 |
$210,000 |
benefit plan |
- Annual additions to defined contribution plan
|
$53,000 |
$54,000 |
Maximum IRA contribution |
$5,500 |
$5,500 |
Catch-up contribution limits |
|
$6,000 |
$6,000 |
|
$3,000 |
$3,000 |
|
$1,000 |
$1,000 |
Compensation Amounts |
Annual compensation limit |
$265,000 |
$265,000 |
Grandfathered governmental plan participants |
$395,000 |
$395,000 |
Highly compensated employees |
|
$120,000** |
$120,000** |
|
no minimum |
no minimum |
- Employer may elect to limit to top-paid 20%
|
** Due to the look-back rule, applies in determining HCEs during following year |
Key employees |
|
$170,000 |
$175,000 |
|
$150,000 |
$150,000 |
|
no minimum |
no minimum |
Small Employer Health Insurance Credit Average Wage Phase-Out |
$25,900 |
$25,900 |
Social Security/Medicare |
2016 Limit |
2017 Limit |
|
$118,500 |
$127,200 |
- OASDI tax rate – employer
|
6.20% |
6.20% |
- OASDI tax rate – employee
|
6.20% |
6.20% |
- Medicare tax rate – employer
|
1.45% |
1.45% |
- Medicare tax rate – employee
|
1.45%> |
1.45%> |
Maximum income without reducing Social Security retirement benefits |
|
no limit |
no limit |
- year individual attains SSRA*
|
$41,880/yr.^ |
$41,880/yr.^ |
|
$15,720/yr. |
$16,920/yr. |
> Employer must withhold additional 0.9% from compensation in excess of $200,000. |
* Social Security Retirement Age (age at which an individual may receive an unreduced monthly benefit). |
^ No limit on earnings beginning the month an individual attains SSRA. |
Health Plan Limits |
Maximum Health FSA |
|
|
|
$2,550 |
$2,600 |
|
$500 |
$500 |
Maximum HSA contribution |
|
$3,350 |
$3,400 |
|
$6,750 |
$6,750 |
|
$1,000 |
$1,000 |
Minimum HDHP deductible |
|
$1,300 |
$1,300 |
|
$2,600 |
$2,600 |
Maximum HDHP out-of-pocket |
|
$6,550 |
$6,550 |
|
$13,100 |
$13,100 |
Maximum out-of-pocket (non-grandfathered plans) |
|
$6,850 |
$7,150 |
|
$13,700 |
$14,300 |
Transitional Reinsurance Fee (per person) |
$27/yr. |
Only paid through the 2016 plan year |
|
|
|