1) IRS Limits Recently Announced for
Benefits and Other Tax Provisions for 2016
The IRS recently announced cost-of-living adjustments for various provisions affecting
employee benefit plans, savings programs and other tax provisions for the tax year 2016.
2015
2016
Social Security Wage Base
$118,500
$118,500
RETIREMENT PLAN LIMITS
Limit on Elective Deferrals
Limit on Catch-Up Deferrals
Annual Contribution Limit for Defined Benefit Plans
Contribution Limit for Defined Contribution Plans
Annual Compensation Limit
Highly Compensated Employee
Key Employee
$18,000
$6,000
$210,000
$53,000
$265,000
$120,000
$170,000
$18,000
$6,000
$210,000
$53,000
$265,000
$120,000
$170,000
$6,600
$13,200
$6,850
$13,700*
$1,300
$2,600
$1,300
$2,600
$6,450
$12,900
$6,550
$13,100
$3,350
$6,650
$1,000
$2,550
$5,000
$3,350
$6,750
$1,000
$2,550
$5,000
$250
$130
$2.08
$44
$255
$130
$2.17
$27
HEALTH AND WELFARE PLAN LIMITS
ACA Out-Of-Pocket Limit (non-grandfathered
self-insured and large group health plans)
Individual Coverage
Family Coverage
High-Deductible Health Plan Deductible
Individual Coverage
Family Coverage
High-Deductible Health Plan Out-Of-Pocket Maximum
Individual Coverage
Family Coverage
Health Savings Account Contribution
Individual Coverage
Family Coverage
Catch-Up Contributions
Flexible Spending Account Contribution
Dependent Care Spending Account Contribution
Qualified Transportation Fringe Benefit
Qualified Parking
Mass Transit and Commuter
PCORI Fee
Transitional Reinsurance Fee
* ew HHS requirement to apply the self-only limit maximum to all individuals, including those enrolled in other than self-only coverage.
N
For reference, see IRS Revenue Procedure 2015-30 and 2015-53, IR-2015-118, IRS Notice 2015-60, Social Security Administration Contribution
and Benefit Base Press Release, HHS Notice of Benefit and Payment Parameters 2016.
For more information regarding these or other changes in the law affecting your employee benefits, please contact:
Sarah (Sally) Lockwood Church
Dan S. Brandenburg
Paul A. Kasicky
Kevin A. Wiggins
Dasha G. Brockmeyer
Partner and Chair, Employee Benefits and Executive Compensation Practice •schurch@saul.com • 412.209.2529
Partner • dbrandenburg@saul.com • 202.295.6644
Special Counsel • pkasicky@saul.com • 412.209.2530
Special Counsel • kwiggins@saul.com • 412.209.2525
Associate • dbrockmeyer@saul.com • 412.209.2538