In an Oct. 23 news release the IRS announced the cost-of-living adjustments to the various dollar limitations applicable to qualified retirement plans for 2015. As had been widely predicted, most of the limitations have been increased.
1. Limits on compensation: The maximum amount of compensation that may be counted for plan purposes for plan years beginning in 2015 is $265,000, up $5,000 from the $260,000 limitation applicable in 2014. This limitation applies for calendar year 2015 and for limitation years beginning in 2015.
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