Managing 401(K) Plans

IRS Announces Pension Plan Limitations On Benefits and Contributions for 2009

The Internal Revenue Service listed in a recent news release cost-of-living adjustments applicable to dollar limits for pension plans and other items for tax year 2009.

Tax code Section 415 provides dollar limits on benefits and contributions under qualified retirement plans, the IRS said. It also requires that the commissioner annually adjust these limits for increases in the cost of living. …