One of the most common compliance issues for employers and plan sponsors is failure to adhere to annual retirement plan limits. In order to avoid costly penalties and administratively burdensome correction procedures, plan sponsors must remain up-to-date with respect to applicable retirement plan limits. Today, October 21, 2015, the IRS announced cost-of-living adjustments (COLA) affecting 2016 dollar limitations for retirement plans and other retirement-related items. In general, the 2016 limits remain unchanged from the retirement plan limits applicable to 2015. Below is a chart listing retirement plan (401(k) and non-401(k) plan) limits for the 2013-2016 plan years. Please note that the chart below does not include all applicable retirement plan limits, just some of the common ones.
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