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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 Update, April/May 2012
In This Issue:
DOL Releases Electronic Disclosure Enforcement Guidance
What Investment Advice Can You Give?
- Final Rule on 401(k) Investment Advice Now in Effect
Erroneous Pension Benefit Estimate Doesn't Support ERISA Estoppel Claim
Take the Right Steps to Terminate Your 401(k) Plan