310 Grant Street, Suite 1005
Pittsburgh, PA 15219
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Jack Owen’s Tax Exempt Alert, October 2017

Jack Owen’s Tax-Exempt Alert

OCTOBER 2017

2018 Changes in Annual Qualified Retirement Plan Benefit Limits

The IRS recently announced the new annual qualified retirement plan benefit limits for 2018.  Set forth in the table below is a summary of the most relevant new limits for 2016 – 2018.

These lists are mainly of interest to those of you familiar with retirement plans.  If you do not understand the types of retirement plans referred to below or have any other questions regarding retirement plans in general, please contact our office for more information. Thank you.

 

 

 

 

2016

 

2017

 

2018

 

415 Limit for Defined Benefit Plans

 

$210,000

 

$215,000

 

$220,000

 

415 Limit for Defined Contribution Plans

 

53,000

 

54,000

 

55,000

 

401(k) and 403(b) Maximum Deferral

 

18,000

 

18,000

 

18,500

 

Catch-up Contributions (age 50 and over)

 

6,000

 

6,000

 

6,000

 

Social Security Taxable Wage Base

 

118,500

 

127,200

 

128,700

 

Maximum Compensation Allowable for

Benefit Purposes

 

265,000

 

270,000

 

275,000

 

Compensation For Highly Compensated

Employee (“HCE”) Status

 

120,000

 

120,000

 

120,000

 

SIMPLE Maximum Deferral

 

12,500

 

12,500

 

12,500

 

457 Maximum Deferral

 

18,000

 

18,000

 

18,500

 We sincerely hope you appreciate receiving the information in this newsletter.  But in case you do not want to receive it, please contact Diane Trichtinger at 412.745-1040, or dtrichtinger@owenconley.com to be removed from this list.  Likewise, please contact Diane with any colleagues or other persons who you would like to add to this list. 

Note:  This provides general information regarding matters of interest to tax-exempt organizations.  Such information is neither legal advice nor legal opinion concerning particular situations.  If legal advice or opinion is required, legal counsel should be consulted. 

We would be pleased to address any questions you may have regarding the foregoing or any other tax-exempt issues.  For further information, please contact Jim Conley (412-765-0535), jconley@owenconley.com; Susan Ott (412-745-9900), sott@owenconley.com; or Jack Owen (412-765-1020), jowen@owenconley.com.

 

©Owen & Conley, LLC, 310 Grant Street, Suite 1005, Pittsburgh, PA 15219  412.745.1040