IRS announces 2013 retirement plan contribution limits: you may want to change your contribution
Each year, the IRS adjusts the limits for retirement plan contributions to reflect price and wage inflation. For 2013, the calendar year limits are:
• Individuals can contribute up to $17,500.
• Employees age 50 or older can contribute an additional $5,500, for a maximum of $23,000.
To change your contribution amount for 2013, complete the Retirement Plan Election Form and return it to Human Resources by Dec. 31. (Note that you can change your contribution amounts once per quarter.)
While you’re thinking about your retirement contributions for 2013, keep in mind that the IRS requires employees to report outside retirement contributions. If you own a controlling interest in, and make retirement contributions with, an outside for-profit business, you will need to complete a 415(g) Aggregation Form.