2021 Retirement Plan Limits Announced
The IRS announced the 2021 cost of living adjustments (COLA) to Section 415 of the IRS Code. This update is provided for informational purposes to our retirement plan client and is not intended as legal or tax advice.
Section 415 of the Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. It also requires that the Commissioner annually adjust these limits for cost-of-living increases.