On October 27, 2016, the Internal Revenue Service (“IRS”) announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2017 tax year. The table below summarizes the updated IRS limits on benefits and compensation, the updated limits on certain welfare plans, and the updated taxable wage base for the FICA Social Security tax. The IRS issued technical guidance detailing these items in Notice 2016-62, Rev. Proc. 2016-55 and Rev. Proc. 2016-28.
IRS Releases Updated Cost of Living Adjustments for the 2017 Plan Year
Posted by bgoricki on Dec 22, 2016 3:49:59 PM
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Topics: cost of living adjustments, Uncategorized