The Internal Revenue Service announced the cost-of-living adjustments applicable to the dollar limitations for qualified retirement plans that will allow employees to increase their retirement savings for 2012. We have highlighted some of the new limits in the table below, comparing the new limits to the limits of the prior seven years. Many of the limits had remained unchanged for several years, but the cost-of-living index has now met the statutory thresholds, which has triggered the following adjustments for 2012:
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Employers and sponsors of qualified retirement plans should look to implement the increased limits for 2012.