HR Professionals Magazine November 2015

 

November 2015 Issue Highlights

 

In the Spotlight: Theresa J. Allen, Certified PPACA Professional


 Topics

HR breaking news

IRS Announces 2016 Pension and 401(k) Contributions Limits

(WASHINGTON, Oct. 21, 2015) The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In general, the pension plan limitations will not change for 2016 because the increase in the cost-of-living index did not meet the statutory thresholds that trigger their adjustment. However, other limitations will change because the increase in the index did meet the statutory thresholds. The highlights of limitations that changed from 2015 to 2016 include the following:

For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $184,000 and $194,000, up from $183,000 and $193,000.
The AGI phase-out range for taxpayers making contributions to a Roth IRA is $184,000 to $194,000 for married couples filing jointly, up from $183,000 to $193,000. For singles and heads of household, the income phase-out range is $117,000 to $132,000, up from $116,000 to $131,000.
The AGI limit for the saver’s credit (also known as the retirement savings contribution credit) for low- and moderate-income workers is $61,500 for married couples filing jointly, up from $61,000; $46,125 for heads of household, up from $45,750; and $30,750 for married individuals filing separately and for singles, up from $30,500.

For more details, please visit www.irs.gov

 

 

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HR Professionals Magazine is an exciting monthly trade publication designed to educate and inform HR professionals in every discipline of the Human Resources function. We cover current hot topics on employment law, staffing and recruiting, compensation and benefits, employee relations, diversity, ethics, business leadership, relocation, employee training and development, payroll, and HR technology. Employment law will not only focus on federal legislation, but also on state and local regulations for Tennessee, Arkansas, and Mississippi.  Articles are detailed and comprehensive written by local HR specialists, educators, and attorneys who are highly regarded as experts in their respective fields.


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