The IRS announced today that there will be no cost of living increases next year. Important limits related to retirement plans for 2016 are as follows:
Sections 401(k), 403(b) and 457(b) Limits: Remains at $18,000.
Sections 401(k), 403(b) and 457(b) Catch-Up Limits: Remains at $6,000.
Defined Benefit Annual Limit: Remains at $210,000.
Maximum Compensation Limit: Remains at $265,000.
Defined Contribution Annual Addition: Remains at $53,000, plus a Catch-Up Contribution.
Highly Compensation Employee Limit: Remains at $120,000.
Social Security Wage Base: Remains at $118,500.