IRS Announces 2018 COLA Limits for 401(k)/Other Retirement Plans; Many Amounts Rise

Overview


Todd Solomon singled out the new allowable rise in employee elective deferrals for retirement plans as a “notable increase [which] permits employees to save more for retirement.” He also said the increase in maximum contributions permitted to health flexible spending accounts “is significant because many companies have already begun open enrollment and may need to take action if they want to use the increased limit.”