The new Cost-of-Living adjustments for retirement plans were announced by the Internal Revenue Service on October 20. Here is a list of the breakdown of the increase for different plans.
|
|
2012 |
2011 |
|
401(k) deferral limits |
$17,000 |
$16,500 |
|
Catch-up Contribution to Qualified Plans |
$5,500 |
$5,500 |
|
Highly compensated employee |
$115,000 |
$110,000 |
|
Annual compensation limit |
$250,000 |
$245,000 |
|
Social Security taxable wage base |
$110,000 |
$106,800 |
|
Section 415 limit |
$50,000 |
$49,000 |
|
Traditional IRA limits |
$5,000 |
$5,000 |
|
Catch-up Contribution to IRAs |
$1,000 |
$1,000 |