Originally Posted by
ThumbsUp
yes, the annual compensation limit is a cap. The contributions to the PRAP are not capped by a law.
59.5k itself is not a cap stipulated in any IRS code.
pedantic. The $350000 compensation cap results in a (x 17%) limit of $59.5k. Capped by IRS code and CBA.
Neither you nor your employer can put more in your PRAP than $69k (plus catch up) this year.