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Many retirement plan dollar caps will rise in 2007 due to cost-of-living adjustments, according to Notice 2006-98, 2006-46 IRB 906, and IR-2006-162, 10/18/06. Some threshold amounts remain unchanged, however, because of rounding conventions. Here is a rundown of the 2007 figures:
* The defined benefit plan annual benefit limit under Section 415(b)(1)(A) increases from $175,000 to $180,000.
* The limit on annual contributions to a defined contribution plan under Section 415(c)(1)(A) increases from $44,000 in 2006 to $45,000 in 2007.
* The Section 402(g)(1) limit on the exclusion for elective deferrals...