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New Retirement Plan Limitations Announced by the IRS for 2022

The IRS just released 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.

Click here to see the 2022 plan limits.