The Internal Revenue Service (IRS) has announced 2017 cost-of-living adjustments to dollar limits under qualified retirement plans. Many of these limits will increase for 2017, although some limitations will remain unchanged. The Social Security Administration has announced that there will be an increase in the Social Security taxable wage base for 2017, from $118,500 to $127,200. The following is a chart showing the commonly used 2016 and 2017 year limits. For more information, read the IRS Announcement.
Both today and earlier this year, the IRS announced cost-of-living adjustments to welfare, fringe benefit and other benefit plans. For more information, read Rev. Proc. 2016-28 and Rev. Proc. 2016-55. These limits are also noted in the chart below:
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