The Internal Revenue Service announced the cost-ofliving adjustments affecting the dollar limitations for qualified retirement plans for 2014. We have highlighted some of the new limits in the following table, comparing the new limits to the limits of the prior five years. The Consumer Price Index for all Urban Consumers is the benchmark used to determine if the limits increase. Note that only some of the 2013 dollar limits will increase because the thresholds to trigger adjustments for 2014 have been met, as highlighted in bold in the table below:
Click here to view table.
Plan sponsors of qualified retirement plans should look to implement the new limits for 2014. We are available to advise you on updating your enrollment materials, summary plan descriptions, employee handbooks and other employee communications.