On May 18, 2016, the U.S. Department of Labor released a Final Rule updating the overtime regulations that revises the salary test for the "white collar" exemptions to the Fair Labor Standards Act ("FLSA"). The Final Rule will go into effect on December 1, 2016.
The IRS has announced the various qualified plan related limits for 2016. For the most part, the limits have not changed from 2015. The following table includes the most widely used limits relating to qualified plans and includes both the 2015 and 2016 amounts.