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New Retirement Plan Limitations Announced by the IRS for 2021

On Oct. 26, 2020, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2021 Tax Year. Changes to the limits are based upon the Social Security cost-of-living increases. Unlike last year, most of the applicable pension and retirement limitations will stay the same for the 2021 Tax Year.

Read the full alert here