The Internal Revenue Service (IRS) announced their retirement plan contribution limits for 2016 and they remain the same limits as 2015.
The IRS said the 402(g) salary deferral contribution limits for employees participating in 401(k), 403(b), most 457 plans will remain at $18,000.
Employees aged 50 and over will be able to contribute an additional $6,000, which is the same as in 2015.
The IRS also announced the annual benefit limitation under a defined benefit plan will remain unchanged f at $210,000 and the limitation for DC plans also remains unchanged at $53,000.
The definition of a highly compensated employee also remains the same as in 2015 at $120,000.
