IRS increases allowable 401(k) contribution levels

Published Updated 3 Min Read

Thanks to new cost-of-living adjustments, the Internal Revenue Service is allowing the American workforce to save a bit more in their retirement plans next year.

Starting in 2015, employees will be able contribute up to $18,000 to their 401(k)s, an increase of $500. This also applies to participants of 403(b), most 457 plans and the federal government’s Thrift Savings Plan. The agency noted that increases in the cost-of-living index triggered changes for dollar and contribution limitations.


For reprint and licensing requests for this article, click here.


More From Employee Benefit News

Sign Up Form

Login Modal Form