IRS Announces 2016 COLA Limits for 401(k)/Other Qualified Retirement Plans; Many Amounts Unchanged

Todd Solomon said that since nearly all retirement plan contribution and benefit limit amounts set by the IRS will remain the same for 2016, “Benefit plan participants will not have any additional retirement savings opportunities in 2016. However,” Mr. Solomon continued, “limits impacting IRA holders did increase, as did the qualified pre-tax parking benefit that favorably impacts many commuters.”