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Benefit Flash

2017 Annual Benefit Plan Amounts

Contribution & Benefit Limits 2016 Limit 2017 Limit
Section 401(k), 403(b), or 457(b) annual deferral $18,000 $18,000
SIMPLE plan annual deferral $12,500 $12,500
Section 415 maximums
  • Annual benefit from defined
$210,000 $210,000
benefit plan
  • Annual additions to defined contribution plan
$53,000 $54,000
Maximum IRA contribution $5,500 $5,500
Catch-up contribution limits
  • Retirement plan
$6,000 $6,000
  • SIMPLE plan
$3,000 $3,000
  • IRA
$1,000 $1,000
Compensation Amounts
Annual compensation limit $265,000 $265,000
Grandfathered governmental plan participants $395,000 $395,000
Highly compensated employees
  •  any employee*
$120,000** $120,000**
  •  5 percent owner
no minimum no minimum
  • Employer may elect to limit to top-paid 20%
** Due to the look-back rule, applies in determining HCEs during following year
Key employees
  •  officer
$170,000 $175,000
  •  1 percent owner
$150,000 $150,000
  • 5 percent owner
no minimum no minimum
Small Employer Health Insurance Credit Average Wage Phase-Out $25,900 $25,900

 

Social Security/Medicare 2016 Limit 2017 Limit
  •  OASDI taxable wage base
$118,500 $127,200
  •  OASDI tax rate – employer
6.20% 6.20%
  •  OASDI tax rate – employee
6.20% 6.20%
  •  Medicare tax rate – employer
1.45% 1.45%
  •  Medicare tax rate – employee
1.45%>  1.45%>
Maximum income without reducing Social Security retirement benefits
  •  SSRA* or over
no limit no limit
  •  year individual attains SSRA*
$41,880/yr.^ $41,880/yr.^
  •  under SSRA*
$15,720/yr. $16,920/yr.
> Employer must withhold additional 0.9% from compensation in excess of $200,000.
* Social Security Retirement Age (age at which an individual may receive an unreduced monthly benefit).
^ No limit on earnings beginning the month an individual attains SSRA.
Health Plan Limits
Maximum Health FSA
  •  employee deferral
$2,550 $2,600
  •  carryover
$500 $500
Maximum HSA contribution
  •  individual
$3,350 $3,400
  •  family
$6,750 $6,750
  •  catch-up
$1,000 $1,000
Minimum HDHP deductible
  •  individual
$1,300 $1,300
  •  family
$2,600 $2,600
Maximum HDHP out-of-pocket
  •  individual
$6,550 $6,550
  •  family
$13,100 $13,100
Maximum out-of-pocket (non-grandfathered plans)
  •  individual
$6,850 $7,150
  •  family
$13,700 $14,300
Transitional Reinsurance Fee (per person) $27/yr. Only paid through the 2016 plan year
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The Benefit Company
5.0
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Michael Taylor
Michael Taylor
15:28 07 Feb 20
I have been working with The Benefits Company for more than 3 years and our organization has been a client for many... more. Every member of the team is very responsive and professional. The often present to our C-Suite and the C-Suite values the partnership.TBC goes above and beyond with any request that we have as it pertains to our benefits or HR programs. Every year they present us with various considerations to consider for the next year. John Hearn is has great knowledge industry. Our account manager, Stacy Cook, is very responsive and is an extension of my team.read more
AngelaA
AngelaA
19:21 05 Feb 20
I can't say enough good things about my experience. During my cancer diagnosis, the last thing you want to worry about... is how your Insurance Company is going to actually work for you. I of course, had many questions, which were always answered in "full detail". Amy Towe, our Insurance representative could not have been more helpful. She would check on things for me and always got me an answer promptly. Amy was always available when ever I had a question. She defiantly made the entire process easier. I truly can say enough about her. Her caring was so appreciated throughout my entire journey.Angela Adamsread more
Anne Lalinde
Anne Lalinde
19:09 05 Feb 20
Have worked with The Benefit Company for years through different companies. I appreciate the boutique level services... provided. The Benefit Company is a class act.read more
Marilyn Wiederhold
Marilyn Wiederhold
17:36 05 Feb 20
I have worked with The Benefit Company for over 8 years. They are the best!! Amy Towe and Christine Muro are so... helpful. they make my life so much easier!!read more
Andrea Glass
Andrea Glass
17:30 05 Feb 20
My experience working with the benefit company has been SENSATIONAL! They are truly customer driven, and go above and... beyond to deliver amazing customer service!read more
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