The IRS announced the cost of living adjustments for dollar limitations under pension plans and other retirement-related matters. See Notice 2020-79, https://www.irs.gov/pub/irs-drop/n-20-79.pdf.
In IR-2020-244, https://content.govdelivery.com/accounts/USIRS/bulletins/2a7d379, also provides dollar limitation cost of living adjustments for Both IRAs and pension plans, as well.
In Revenue Procedure 2020-45 the IRS announced the inflation adjustments that will apply to various fringe benefits in 2021. https://www.irs.gov/pub/irs-drop/rp-20-45.pdf
Unsurprisingly, most of our dollar limits go unchanged as the cost of living adjustments are impacted by economic factors. Of note, the annual compensation limit under §§ 401(a)(17), 404(l), 408(k)(3)(C), and 408(k)(6)(D)(ii) is increased from $285,000 to $290,000.
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