The following plan limits are increased effective Jan. 1, 2017:

Defined contribution plans. The limit on the annual additions to a participant's defined contribution account increases from $53,000 for 2016 to $54,000 for 2017.

Defined benefit plans. The limitation on the annual benefit under a defined benefit plan  increases from $210,000 for 2016 to $215,000 for 2017. Annual compensation limit. The maximum amount of annual compensation that can be taken into account for various qualified plan purposes, increases from $265,000 for 2016 to $270,000 for 2017.

Seema Jain, CPA | 11/03/2016