Annual Cost of Living Adjustments (COLAs) for Retirement Plans
Explore how cost of living adjustments (COLAs) impact contribution limits and the operations of qualified retirement plans, SEP plans, and SIMPLE plans. Learn about the annual adjustments required by Section 415 of the Internal Revenue Code and how they affect your clients' retirement planning.
Key Points
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Impact on Contribution Limits: Understand how COLAs adjust the dollar limitations on benefits and contributions under qualified retirement plans.
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Annual Adjustments: Learn about the requirement to annually adjust these limits for cost-of-living increases.
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Plan-Specific Changes: Stay informed about specific changes to IRAs, SEP plans, SIMPLE plans, and other retirement plans to better advise your clients.