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2016 Plan Limitations

Cost of Living

 The IRS has announced that there are no cost-of-living  adjustments to the following key retirement plan limitations  for 2016:

• Elective deferrals to 401(k), 403(b), and most 457 plans: $18,000

• Catch-up contributions to 401(k), 403(b), and most 457 plans: $6,000

• Annual additions to a defined contribution plan account: $53,000

• SIMPLE plan deferrals: $12,500

• SIMPLE plan catch-up contributions: $3,000

• Maximum annual benefit from a defined benefit plan: $210,000

• Annual compensation used to determine qualified plan benefits or contributions: $265,000

• Compensation used to determine whether officers are key employees for top-heavy plan purposes: $170,000

• Dollar limit used in the definition of highly compensated employee: $120,000

• IRA contributions: $5,500

• IRA catch-up contributions: $1,000

Contact a Lumin Financial advisor to ensure your participants receive adequate education regarding new 2016 COLA limits and other important plan information.

Disclosure:  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific investment, or investment strategy. Investments involve risk and are not guaranteed.  Information has been gathered from sources believed to be reliable, but cannot be represented as accurate or complete.  Before investing, you should consult your investment, tax, or legal advisor.

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Investment advisory services offered through Lumin Financial LLC, which is an independent Registered Investment Adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed on this site.