IRS Announces Limits Increase for 2013

On October 18, 2012, the Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012.

Effective January 2013, participants will be able to contribute up to $17,500 to both the UTSaver 403(b) Tax Sheltered Annuity (TSA) and the UTSaver 457(b) Deferred Compensation plan (DCP), an increase of $500.00 annually in each plan.

The age 50 catch up remains unchanged at $5,500.00, meaning participants over age fifty can contribute up to $23,000 in both the UTSaver TSA and the UTSaver DCP.

The Optional Retirement Program annual limit will increase from $50,000.00 to $51,000.

To learn more, you can view the IRS release at http://www.irs.gov/uac/2013-Pension-Plan-Limitations.

 

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