Today the IRS announced cost-of-living adjustments to various retirement plans, including 401(k), 403(b), 457, federal government Thrift Saving and IRA plans. While the intent of this post is not to regurgitate the news, it should be noted that IRA limitations were unchanged. However, for those of you who participate in a 401(k) plan or self-directed Solo 401(k) plan, you should be happy to know that both the individual elective deferral contribution and “catch-up” contributions have been increased. These changes are in effect for the 2015 year. The following are of note:
The IRS made additional changes to various types of plans. You can review the totality of the new provisions for 2015 by linking directly to the IRS press release.
As always the information provided is intended to be educational and informative in nature. It is not intended, nor should it be interpreted as, any form of tax, legal, financial or investment advice.