The Internal Revenue Service (IRS) has announced the cost‑of‑living adjustments for retirement plans for 2015. The IRS explains that “Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged because the increase in the index did not meet the statutory thresholds that trigger their adjustment.” The announcement indicated that the limit for elective deferrals for 401(k) plans increased from $17,500 to $18,000 and the limit for catch-up contributions for employees aged 50 increased from $5,500 to $6,000.
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