IRS Announces 2016 Pension Plan Limitations
Taxpayers May Contribute up to $18,000 to their 401(k) plans in 2016 and an additional $6,000 of catch-up deferrals if age 50 by 12/31
The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items. Pension limitations such as those governing 401(k) plans and IRAs will remain unchanged because the increase in the Consumer Price Index did not meet the statutory thresholds for their adjustment. Pension plan limitations are subject to change on an annual basis.
