The Internal Revenue Service has announced cost-of-living increases applicable to annual limits for employee benefit plans, including pensions, 401(k), 403(b), 457(b), and welfare plans for 2015. Employers should make sure that their payroll systems are updated to apply these limits for the 2015 calendar year, and they also should review and update employee communications to reflect these changes. The updated limits are available here.
If you have questions about the cost-of-living increases or want more information, please contact Brian M. Pinheiro at 215.864.8511 or firstname.lastname@example.org, Diane A. Thompson at 424.204.4334 or email@example.com, Robert S. Kaplan at 215.864.8417 or firstname.lastname@example.org, or any other member of Ballard Spahr’s Employee Benefits and Executive Compensation Group.
Copyright © 2014 by Ballard Spahr LLP.
(No claim to original U.S. government material.)
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.
This alert is a periodic publication of Ballard Spahr LLP and is intended to notify recipients of new developments in the law. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.