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.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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