The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations on benefits and contributions for retirement plans generally effective for Tax Year 2020 (see IRS Notice 2019-59). Most notably, the limitation on annual salary deferrals into a 401(k) plan will increase from $19,000 to $19,500. Other notable limitations are as follows:
Articles Discussing Cost of Living Adjustments.
IRS Releases 2015 Pension Plan Limits
The Internal Revenue Service recently released a detailed list of pension plan and other retirement-related contribution and compensation limitations for tax year 2015 that were triggered by an increase in the cost-of-living index. As stated in the release, “[m]any of the pension limitations will change because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged for 2015.”
IRS Releases 2015 Pension Plan Limits
The Internal Revenue Service recently released a detailed list of pension plan and other retirement-related contribution and compensation limitations for tax year 2015 that were triggered by an increase in the cost-of-living index. As stated in the release, “[m]any of the pension limitations will change because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged for 2015.”
2015 Cost of Living Adjustments for Retirement Plans
The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations for retirement plans and Social Security generally effective for Tax Year 2015 (see IR-2014-99). Most notably, the limitation on annual salary deferrals into a 401(k) plan will increase from $17,500 to $18,000.
2012 Cost of Living Adjustments for Retirement Plans
The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations for retirement plans and Social Security generally effective for Tax Year 2012 (see IR 2011-103). Notably, the limitation on annual salary deferrals into a 401(k) plan will increase from $16,500 to $17,000. The dollar limits are as follows:
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