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On October 18, 2012, the Internal Revenue Service announced cost of living adjustments affecting various limitations applicable to pension and other retirement plans (IR 2012-77). Many of the limitations remain unchanged because they are indexed in $1000 or $5000 increments, but several will change for 2013. Some of the better-known limitations are:
Notice 2012-77 covering these and other changes is at http://www.irs.gov/pub/irs-news/IR-12-077.pdf .
The changes to Social Security-related limits and thresholds can be found at http://www.ssa.gov/pressoffice/factsheets/colafacts2013.htm.
If you have any questions regarding the new limitations, please feel free to contact the author of this Legal Alert, Jeffrey Ashendorf, firstname.lastname@example.org, any member of FordHarrison's Employee Benefits Practice Group or the FordHarrison attorney with whom you usually work.
Published In: Finance & Banking Updates, Labor & Employment Updates, Tax Updates
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