On October 23, 2014 the Internal Revenue Service (IRS) announced the cost-of-living adjustments impacting tax-qualified pension plans for 2015. The increase in the cost-of-living index met the statutory thresholds that trigger adjustments. As a result, increases were made to most of the general pension limitations, including the individual limits on deferrals and catch-up contributions, as well as the limit on annual compensation. The following table highlights some of the key limits that affect tax-qualified pension plans.
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The complete IRS table of cost-of-living adjustments for retirement items can be found on the IRS’s website.