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2017 Qualified Plan Limits Released

October 31, 2016

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2017 Qualified Plan Limits Released

October 31, 2016

Authored by: Julie Wagner

The IRS recently released updated limits for retirement plans.  Our summary of those limits (along with the limits from the last few years) is below.

Type of Limitation 2017 2016 2015 2014 Elective Deferrals (401(k), 403(b), 457(b)(2) and 457(c)(1)) $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 $5,500 SIMPLE 401(k) or regular SIMPLE plans, Catch-Up Deferrals $3,000 $3,000 $3,000 $2,500 415 limit for Defined Benefit Plans $215,000 $210,000 $210,000 $210,000 415 limit for Defined Contribution Plans $54,000 $53,000 $53,000 $52,000 Annual Compensation Limit $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 $400,000 $395,000 $395,000 $385,000 Highly Compensated Employee 414(q)(1)(B) $120,000 $120,000 $120,000 $115,000 Key employee in top heavy plan (officer) $175,000 $170,000 $170,000

Don’t forget to register for the free webcast about Clarifying the Universal Availability and Other 403(b) Retirement Plan Requirements

October 25, 2016

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When: October 27, 2016; 2 p.m. (Eastern)

How: Register for this event. You will use the same link to attend the event.

Learn about:

  • Hours of service
  • Changes in employee status
  • Student participation
  • Other 403(b) rules

This hour long webcast will provide answers to many of the questions we received for the May 19, 2016, Understanding the Universal Availability Rules in a 403(b) Retirement Plan webcast. We encourage you to review the prior webcast before attending this one.

Continuing education (CE) certificates of attendance will not be offered for this program.

IRS Overhauls the Retirement Plan Correction Program

October 21, 2016

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With the looming end of the determination letter program as we know it, the IRS has issued an updated Revenue Procedure for the Employee Plans Compliance Resolutions System (EPCRS). Released on September 29, 2016, Rev. Proc. 2016-51 updates theEPCRS procedures, replaces Rev. Proc. 2013-12 and integrates the changes provided in Rev. Proc. 2015-27 and Rev. Proc. 2015-28. The updated revenue procedure is effective January 1, 2017 and its provisions cannot be used until that date. Rev. Proc. 2013-12, as modified by Rev. Proc. 2015-27 and Rev. Proc. 2015-28, should be used for any corrections under the EPCRS for the remainder of 2016. Highlights from the new revenue procedure are outlined below.

Changes

  • Determination Letter Applications. Determination letter applications are no longer required to be submitted as part of corrections that include plan amendments. The new revenue procedure also clarifies that any compliance statement for a correction through plan amendment

Register for IRS webinar: ACA Outreach for State and Local Governmental Employer Community

October 10, 2016

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October 20 at 2 p.m. (Eastern)

Register for this event

This is a live webinar presented by the ACA Office and TE/GE Counsel to address governmental entities’ concerns and needs as they relate to ACA information reporting requirements.

Learn about:

  • Determining Applicable Large Employer (ALE) status
  • Identifying full-time employees
  • Defining hours of service
  • What is Minimum Essential Coverage?
  • E-Filing of information returns
  • 2016 filing season corrections and replacements
  • Penalties and relief
  • TIN solicitation
  • Changes to forms & instructions for Tax Year 2016
  • Questions and answers

We will not be offering Continuing Education Credit for this event.

Webcast about clarifying the universal availability and other 403(b) retirement plan requirements

October 4, 2016

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Watch this free webcast about Clarifying the Universal Availability and Other 403(b) Retirement Plan Requirements

When: October 27, 2016; 2 p.m. (Eastern)

How: Register for this event. You will use the same link to attend the event.

Learn about:

  • Hours of service
  • Changes in employee status
  • Student participation
  • Other 403(b) rules

This hour long webcast will provide answers to many of the questions we received for the May 19, 2016, Understanding the Universal Availability Rules in a 403(b) Retirement Plan webcast. We encourage you to review the prior webcast before attending this one.

Continuing education (CE) certificates of attendance will not be offered for this program.

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