The IRS releases 2003 cost-of-living adjustments related
to benefit and contribution limits for qualified retirement plans (
www.irs.gov/pub/irs-news/ir02-111.pdf ). Many such savings caps
are not changing this year because the increase in the cost-of-living
index fell below the statutory thresholds that otherwise would trigger
their adjustment. However, several will increase this year. The
limitation under section 402(g)(1) on the exclusion for elective
deferrals rises to $12,000 from $11,000, affecting contributions to
401(k) plans and the federal government’s thrift savings plans.
Retirement
