IRS has announced an increase in maximum elective deferral amount for the year 2013. Now a plan participant can contribute up to total $23,000 as a pre tax elective deferral amount in his 401k account.
Wednesday, 13 June 2012
401k maximum catchup contribution Limit for the year 2012
The IRS has now released the official 2012 401k, 403b and other 401k retirement plan contribution limits, which reflect a $500 increase over the 2011 standard 401k contribution limit. It is a result of higher inflation and the latest cost of living adjustment (COLA) figures. The 2012 contribution limits is the first increase in three years. Each year in October these limits are adjusted according to a formula based on the inflation rate in the third quarter vs. the previous year’s quarter.
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