Tag Archives: tax year

IRS announces new retirement plan limitations for 2016

On Oct. 21, 2015, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2016 tax year. The limits are based upon the Social Security cost-of-living increases. For the third time in the last 40 years (all three having occurred in the last six years) there will be no cost of living adjustment increase. As such, while some applicable IRS limits will be rising in 2016, all of the following retirement plan limitations will remain the same as those in place for the 2015 tax year. 

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