Posted:
December 2, 2016
The Internal Revenue Service contribution and catch-up contribution limits for individual AMO Plans 401(k) accounts for 2017 are as follows and have not changed from 2016.
401(k) contributions: The annual contribution limit for a 401(k) account remains at $18,000 for individuals who will be younger than 50 in 2017.
Catch-up contributions: The annual 401(k) catch-up contribution limit for individuals who will be age 50 or older in 2017 remains at $6,000. As a result, an individual who will be age 50 or older in 2017 may contribute a maximum of $24,000 to his or her 401(k) account in 2017.
Additional after-tax contributions: Participants may make additional "After-Tax" contributions into the 401(k) Plan. The combined total limit for 401(k) contributions (including any 401(k) contributions, employer matching contributions and additional after-tax contributions) is $54,000. The money contributed (referenced in Section 4B of the AMO Plans 401(k) Enrollment Form) would be in addition to any pre-tax 401(k) and/or Roth 401(k) contributions and is invested in the same funds. Since these contributions are made post-tax, the amount contributed may be withdrawn at any time without incurring additional taxation; however, tax would be assessed on appreciation, including investment returns, beyond the total amount contributed in this category if withdrawn. AMO members with any questions regarding any of AMO's retirement plans can contact our financial advisers, the Atlantic Group at Morgan Stanley, at (800) 975-7061, or via . Participants can also contact the Plan Office at (800) 348-6515 ext. 14, or via .
To adjust contributions for 2017, or to establish a 401(k) account, download the AMO 401(k) Plan Enrollment Form from the AMO Plans website.
An article addressing 401(k) contribution limits is available on the IRS website.
IRS 401(k) retirement plan contribution and catch-up limits for 2017
The Internal Revenue Service contribution and catch-up contribution limits for individual AMO Plans 401(k) accounts for 2017 are as follows and have not changed from 2016.
401(k) contributions: The annual contribution limit for a 401(k) account remains at $18,000 for individuals who will be younger than 50 in 2017.
Catch-up contributions: The annual 401(k) catch-up contribution limit for individuals who will be age 50 or older in 2017 remains at $6,000. As a result, an individual who will be age 50 or older in 2017 may contribute a maximum of $24,000 to his or her 401(k) account in 2017.
Additional after-tax contributions: Participants may make additional "After-Tax" contributions into the 401(k) Plan. The combined total limit for 401(k) contributions (including any 401(k) contributions, employer matching contributions and additional after-tax contributions) is $54,000. The money contributed (referenced in Section 4B of the AMO Plans 401(k) Enrollment Form) would be in addition to any pre-tax 401(k) and/or Roth 401(k) contributions and is invested in the same funds. Since these contributions are made post-tax, the amount contributed may be withdrawn at any time without incurring additional taxation; however, tax would be assessed on appreciation, including investment returns, beyond the total amount contributed in this category if withdrawn. AMO members with any questions regarding any of AMO's retirement plans can contact our financial advisers, the Atlantic Group at Morgan Stanley, at (800) 975-7061, or via . Participants can also contact the Plan Office at (800) 348-6515 ext. 14, or via .
To adjust contributions for 2017, or to establish a 401(k) account, download the AMO 401(k) Plan Enrollment Form from the AMO Plans website.
An article addressing 401(k) contribution limits is available on the IRS website.