IRS Releases Retirement Plan Limitations for 2018 Plan Year

2017 Cost-of-Living Adjustments (COLA) LimitsOn October 19, 2017, the Internal Revenue Service announced the 2018 Cost-of-Living Adjustments (COLA)1 to the retirement plan limits.

Below is a chart outlining the COLA limits that become effective January 1, 2018, along with the two prior tax years’ limits:

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IRS Makes Prompt Correction of Elective Deferral Errors Less Expensive

As anyone who deals with the administration of qualified retirement plans knows, mistakes happen.  This is a fact that the IRS is well aware of, and the last thing that the Service wants to do is harm participants by disqualifying their company’s retirement plan.  For this reason, the IRS has established the Employee Plans Compliance Resolution System (“EPCRS”).  This system allows plan administrators to make voluntary corrections without risking disqualification of their plan. Continue reading