The IRS has announced many cost-of-living adjustments (COLAs) that apply to retirement benefit plan limitations. Below are selected COLAs for 2013, compared to their 2012 levels.
Limits on catch-up contributions remain the same for 2013: for IRAs, the limit is $1,000; for 401(k) and 403(b) plans, $5,500; and for SIMPLE plans, $2,500.
If you have any questions regarding the limitations and how they apply to you, contact us.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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