Friday, November 1, 2013

IRS Announces New Retirement Plan Limits

The Internal Revenue Service (IRS) announced cost of living adjustments for retirement plans for 2014. The IRS indicates that:

“Some pension limitations such as those governing 401(k) plans and IRAs will remain unchanged because the increase in the Consumer Price Index did not meet the statutory thresholds for their adjustment. However, other pension plan limitations will increase for 2014. Highlights include the following: The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $17,500…

To read more, click here.

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