The Internal Revenue Service (IRS) will be leaving some widely used pension and retirement plan limits unchanged in 2011.
The elective annual deferral limit for employees who participate in section 401(k), 403(b) or 457(b) plans will continue to be $16,500.
The catch-up contribution limit for participants ages 50 and over will continue to be $5,500, and the IRS also is leaving the phaseout path for individual retirement account deductions the same.
The limit on a defined benefit plan annual benefit will still be $195,000, and the limit on the defined contribution plan annual benefit will still be $49,000.
Some other, such as the adjusted gross income limitations for determining retirement savings contribution credits, will rise slightly, officials say.
- ALLISON BELL