The Internal Revenue Service announced the cost of living adjustments (COLA) for tax year 2023.  These adjustments affect various limits for retirement savings plans.

Defined contribution plan highlights include the following:

COLA Chart 2023

Visit these links for the full listing of COLA updates and a sample Participant Notice.

FOR MORE INFORMATION

Karen Mills - Burlington CPA Firm - Retirement Plan Services

Karen Mills, QKA
Retirement Plan Consultant
336.417.5520
Email Karen