IRS Announces 2013 COLA Limits for Qualified Plans: Increases Affect Contributions/Distributions
Federal Tax Weekly
Todd Solomon pointed out “several notable increases in retirement plan limits for 2013” in new contribution and benefit limits set by the IRS. These include an increase in the Social Security wage base and increases in maximum 401(k) and 403(b) contributions. “The result of these increases will be greater employee savings under tax-qualified retirement plans,” Mr. Solomon predicted.