Inflation has caught up with the Internal Revenue Service (IRS), or maybe it’s the other way around. Recently, the IRS announced new guidelines for pension plan contributions to be made in 2015. Periodically, the change in the cost-of-living index meets the statutory thresholds to trigger an IRS adjustment. Some limits did not reach that threshold and therefore did not change, which is common.
The new rules are lengthy, so those of you who would rather hear the short answer to the question, “How does this affect me?” will find the most important points below. Plus, your SJS team has analyzed the IRS changes and their impact, so feel free to contact us with any questions you may have about your particular accounts. That’s why we’re here. With that said, anyone who needs a little help falling asleep at night may want to pull up the full documents at www.IRS.gov.
IRS Guidelines for Contributions 2014-15