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New Retirement Plan Limitations Announced by the IRS for 2022

On November 4, 2021, the IRS release IRS Notice 2021-61, providing for the new cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2022 Tax Year. Changes to the limits are based upon the Social Security cost-of-living increases. Unlike last year, as a result of higher inflation many of the applicable pension and retirement limitations are rising significantly from the rates in place for the 2021 Tax Year. Read more…