Plan Limitations for 2017
The IRS updates retirement plan contribution limits for defined contribution plans such as the PCA Retirement Plan each year. As announced October 27, 2016, the limits for 2017 are as follows:
Salary Reduction Limit (elective deferral employee contribution): $18,000 (no change from 2016).
Internal Revenue Code Section 402(g)
Defined Contribution Limit (employer, plus employee): $54,000 ($1,000 increase from 2016).
Internal Revenue Code Section 415(c)
Catch-up Contribution Limit (age 50 or older): $6,000 (no change from 2016).
Internal Revenue Code Section 414(v)
A total of $24,000 in elective deferral employee contributions are allowed in 2017 for those age 50 and older.
Source: IRS Retirement Plan section