Cost-of-living adjustments have changed many dollar limitations for pension plans and other retirement-related items for tax year 2013.
The IRS has reported that due to the jump in the cost-of-living index to trigger the adjustments, the elective deferral (contribution) limit for employees who participate in 401(k), 403(b) most 457 plans and the federal government’s Thrift Savings Plan is increased from $17,000 to $17,500.
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