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  • BC Network
    LATEST POST
    Thursday, October 19, 2017

    The Internal Revenue Service today released the 2018 dollar limits for retirement plans, as adjusted under Code Section 415(d). We have summarized the new limits (along with the limits from the last few years) in the chart below.

    2018 Qualified Plan Limits

    Type of Limitation20182017201620152014
    Elective Deferrals (401(k), 403(b), 457(b)(2) and 457(c)(1))$18,500$18,000$18,000$18,000$17,500
    Section 414(v) Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans (457(b)(3) and 402(g) provide separate catch-up rules to be considered as appropriate)$6,000$6,000$6,000$6,000$5,500
    SIMPLE 401(k) or regular SIMPLE plans, Catch-Up Deferrals$3,000$3,000$3,000$3,000$2,500
    415 limit for Defined Benefit Plans$220,000$215,000$210,000$210,000$210,000
    415 limit for Defined Contribution Plans$55,000$54,000$53,000$53,000$52,000
    Annual Compensation Limit$275,000$270,000$265,000$265,000$260,000
    Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993$405,000$400,000$395,000$395,000$385,000
    Highly Compensated Employee 414(q)(1)(B)$120,000$120,000$120,000$120,000$115,000
    Key employee in top heavy plan (officer)$175,000$175,000$170,000$170,000$170,000
    SIMPLE Salary Deferral$12,500$12,500$12,500$12,500$12,000
    Tax Credit ESOP Maximum balance$1,105,000$1,080,000$1,070,000$1,070,000$1,050,000
    Amount for Lengthening of 5-Year ESOP Period$220,000$215,000$210,000$210,000$210,000
    Taxable Wage Base$128,700$127,200$118,500$118,500$117,000
    IRAs for individuals 49 and below$5,500$5,500$5,500$5,500$5,500
    IRAs for individuals 50 and above$6,500$6,500$6,500$6,500$6,500
    FICA Tax for employees and employers7.65%7.65%7.65%7.65%7.65%
    Social Security Tax for employees and employers6.2%6.2%6.2%6.2%6.2%
    Medicare Tax for employers and employees1.45%1.45%1.45%1.45%1.45%
    Additional Medicare Tax*.9% of comp
    >$200,000
    .9% of comp
    >$200,000
    .9% of comp
    >$200,000
    .9% of comp
    >$200,000
    .9% of comp
    >$200,000

    *For taxable years beginning after 12/31/12, an employer must withhold Additional Medicare Tax on wages or compensation paid to an employee in excess of $200,000 in a calendar year for single/head of household filing status ($250,000 for married filing jointly).

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    Friday, July 28, 2017

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    Wednesday, July 19, 2017

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    Tuesday, June 6, 2017

    The Department of Labor has issued guidance in the form of Frequently Asked Questions to help firms and their advisers impacted by the Fiduciary Rule know what is expected on and after June 9, 2017, on and after January 1, 2018, […]

    Wednesday, May 10, 2017

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    Tuesday, May 9, 2017

    Last month, the Office of Civil Rights (OCR) of the U.S. Department of Health and Human Services (HHS) announced a resolution agreement with the Center for Children’s Digestive Health (CCDH) which included a $31,000 penalty. This isn’t the first time […]

    Monday, May 8, 2017

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