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ARTICLE · 10 NOVEMBER 2015

2016 Employee Benefit Plan And Transportation Limits

The cost-of-living index did not change significantly this year mainly due to the decline in the price of oil.

United StatesEmployment and HR

The below presents the Internal Revenue Service (“IRS”) announced 2016 cost-of-living adjustments for retirement and health & welfare plans, and transportation programs. The cost-of-living index did not change significantly this year mainly due to the decline in the price of oil.  Because of this, there were few changes to the 2016 limitations as compared to 2015.

Retirement Plan Limits

Notable 2016 annual retirement plan limitations as compared to 2015 are as follows:

 

2016

2015

401(k), 403(b) & 457(b) plan employee deferrals

 $ 18,000

$ 18,000

Employee age 50 catch-up contribution

6,000

6,000

SIMPLE plan employee deferrals

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