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Internal Revenue Service Announces Cost of Living Adjustments for Certain Retirement Options for Tax Year 2012
Highlights of the Adjustments:
• Deferral Limit -- The elective deferral limit for 401(k), 403(b), and 457(b) plans increased from $16,500 to $17,000.
• Annual Addition Limit -- Defined Contribution plan limitations under Section 415(c)(1)(A) is increased from $49,000 to $50,000.
• Pension Compensation Limit -- The annual compensation limit – compensation that counts for pension and profit sharing purposes -- under Sections 401(a)(17) is increased from $245,000 to $250,000.
• HCE Compensation Cutoff --The limitation in the definition of highly compensated employee under Section 414(q)(1)(B) is increased from $110,000 to $115,000.
Our experienced attorneys can answer any questions that you may have. Please email Michael Fogarty at mfogarty@maselanjones.com with any inquiries.
The entire list of cost of living adjustments for 2012 can be found by visiting the IRS' website.
Employee Benefits Bulletin Year End 2011
In This Issue:
What You Need to Know About Top-Heavy Testing
Correcting Errors Before They Cost You
Automatic Enrollment
- The Quickest Way to Boost Retirement Plan Participation
Be on Time With Your Electronic Federal Tax Deposits