October 23, 2018

October 23, 2018

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October 22, 2018

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2018 Social Security Wage Base Corrected

On November 27, 2017, the Social Security Administration announced a correction to the previously published maximum taxable wage base in 2018. The corrected amount is $128,400. (The previously announced maximum was $128,700.) The change was made due to approximately 500,000 corrected W-2s provided to the Social Security Administration in late October 2017.

Though not yet announced, plan sponsors that use a permitted disparity formula (also known as an “integration formula”) in a retirement plan should expect the IRS to revise the covered compensation tables previously published in Revenue Ruling 2017-22 for use in 2018.

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About this Author

Suzanne Spicer, Morgan Lewis Law Firm, Employment lawyer, Senior Employee Benefits Advisor
Senior Employee Benefits Advisor

Suzanne M. Spicer has more than 30 years of experience working in the human resources area. Her current responsibilities include preparing IRS qualified plan filings, client/employee communications and disclosures, plan documents and amendments, SPDs, qualified plan corrections, and researching regulations for various clients.