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October 18, 2007 at 01:01 PM
The Internal Revenue Service has applied 2008 tax year inflation adjustments to dollar limitations for pension plans, long term care insurance tax breaks and other items.
The adjustments are required by Section 415 of the Internal Revenue Code, which requires the IRS to increase many minimums, maximums and other figures to reflect increases in the cost of living.
The limit of the annual benefit under a defined contribution plan, for example, will increase to $46,000, from $45,000, and the annual benefit limit for defined benefit plans will increase to $185,000, from $180,000.
