The Benefit Plan limits for 2017 have been published and are provided for your information.
|Annual limit for 401(k) Plan Deferrals||$18,000.00|
|Annual limit for 401(k) Catch Up contributions||$6,000.00|
|Definition of "Highly" Compensated||$120,000.00|
|Social Security Wage Base||$127,000.00|
|Social Security Tax||6.2%|
|NAF Retiree COLA||0%|
Medicare tax remains at 1.45% (2.35% for higher income individuals. ($200,000 for single tax filers and $250,000 for couples filing jointly ($125,000 married filing separately)).
Dependent Care (for FSA) annual max deferral remains at $5,000.00
Health Care (for FSA) annual max dererral increases to $2,600.00
For the NAF Retirement Plan- There will be no increase for eligible retirees in 2016.
* There is no discrimination testing for 401(k) Plans, but discrimination testing is applicable for FSA Dependent Care and Health Care.