The IRS has announced the cost-of-living adjustments applicable to dollar limitations for retirement plans and other amounts for 2012.
The table below shows the 2012 and 2011 amounts. Changes affecting 401(k) plans include: the individual annual dollar limitation increased to $17,000 from $16,500; and the annual compensation limit increased to $250,000 from $245,000. The age 50 catch-up limit remained at $5,500, meaning participants who are age 50 or older can contribute an annual maximum of $22,500 in 2012.
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