That's correct. The 16 slipped sts are 16sts out of the k45 (45+29=74). That way you'll have 29sts for each shoulder and 16sts on a holder for the center front neck opening. This opening may look too large when you get it put together but don't worry, the collar will pull it in to a smaller size.
"Next row (RS): K45, slip last 16 sts worked onto stitch holder for centre neck, k29"
So knit 45 and then slip 16 of these knit sts from the right needle to a holder.