Retirement Plan Dollar Limits Increase for 2009
by TedIR-2008-118, Oct. 16, 2008 – The Internal Revenue Service announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2009.
Section 415 of the Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. In addition, section 415 requires the Commissioner to annually adjust these limits for cost-of-living increases. Other limitations applicable to deferred compensation plans are also affected by these adjustments http://canadianviagras.com/pill/generic-cialis-canada/. The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) reset many of the statutory dollar amounts previously adjusted on an annual basis under section 415 of the Internal Revenue Code. Additionally, other new limitation amounts were added by EGTRRA. Please see the COLA Increases Table for pre-2002 dollar limitations.
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