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Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.Blog Contributors
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Enjoy the End of the Decade with Some Employee Benefit Plan Checklists
Each year, we publish health and welfare, cost-of-living, qualified retirement plan, and executive compensation plan checklists to help individuals and employers stay apprised of updates to the law of employee benefits. We just published the last of these annual checklists. In case you missed them, the links are below.
Happy Holidays!
2019 End of Year Plan Sponsor “To Do” List (Part 1) Health & Welfare
2019 End of Year Plan Sponsor “To Do” List (Part 2) Annual Cost of Living Adjustments
2019 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Retirement Plans
2019 End of Year Plan Sponsor “To Do” List (Part 4) Executive Compensation
Posted in Employee Benefits, Executive Compensation, Health & Welfare Plans, Health Care Reform, Qualified Retirement Plans
| Tagged checklists, COLA, cost-of-living, ERISA, Executive Compensation, Internal Revenue Code, qualified retirement plan, to do list
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Making a List, Checking it Twice – 2017
It’s that time of year when boys and girls start making their lists for the holidays, but we in the employee benefits world make a very different kind of list. In the rapidly changing world of employee benefits and executive compensation law, checklists can be particularly helpful to make sure important issues do not fall through the cracks. Each year we publish health and welfare, cost-of-living, executive compensation, and qualified retirement plan checklists to help individuals stay apprised of changes in the law, changes that they might need to make to their employee benefits plans, and various notice requirements. We just published the last of our annual checklists. Read More ›
Posted in Employee Benefits, Executive Compensation, Health & Welfare Plans, Health Care Reform, Qualified Retirement Plans
| Tagged Checklist, COLA, cost-of-living, Executive Compensation, health and welfare, qualified retirement plans
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IRS Announces 2017 Retirement Plan Dollar Limits
The IRS recently announced cost-of-living adjustments for 2017 in Notice 2016-62. The key dollar limits, along with last year’s limits, are noted below.
|
Maximum Qualified Retirement Plan Dollar Limits |
||
| 2016 | 2017 | |
| Limit on Section 401(k) deferrals (Section 402(g)) | $18,000 | $18,000 |
| Dollar limitation for catch-up contributions (Section 414(v)(2)(B)(i)) | $6,000 | $6,000 |
| Limit on deferrals for government and tax-exempt organization deferred compensation plans (Section 457(e)(15)) | $18,000 | $18,000 |
| Annual benefit limitation for a defined benefit plan (Section 415(b)(1)(A)) | $210,000 | $215,000 |
| Limitation on annual contributions to a defined contribution plan (Section 415(c)(1)(A)) | $53,000 | $54,000 |
| Limitation on compensation that may be considered by qualified retirement plans (Section 401(a)(17)) | $265,000 | $270,000 |
| Dollar amount for the definition of highly compensated employee (Section 414(q)(1)(B)) | $120,000 | $120,000 |
| Dollar amount for the definition of a key employee in a top-heavy plan (Section 416(i)(1)(A)(i)) | $170,000 | $175,000 |
| Dollar amount for determining the maximum account balance in an ESOP subject to a five-year distribution period (Section 409(o)(1)(C)(ii)) | $1,070,000 | $1,080,000 |
| SIMPLE retirement account limitation (Section 408(p)(2)(E)) | $12,500 | $12,500 |
| Social Security Taxable Wage Base | $118,500 | $127,500 |
Posted in Employee Benefits, Executive Compensation, Health & Welfare Plans, Qualified Retirement Plans
| Tagged adjustments, COLA, cost-of-living, dollar limits, notice 2016-62, qualified retirement plan dollar limits
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