On Oct. 16, 2008, the Internal Revenue Service and the Social Security Administration issued the inflation-adjusted amounts that will affect qualified retirement plans and Social Security benefits effective Jan. 1, 2009.

In the table below, we highlight some of the new IRS limits and compare them with the limits for the prior three years. As you will see, all of the limits have increased from 2008, allowing for increased tax advantaged savings opportunities. Sponsors of defined contribution and defined benefit plans should update employee notices, SPDs, election forms and payroll systems to take advantage of the new IRS limits.

Please click here to view table.