IRS Announces 2006 Retirement Plan and Inflation Adjusted Benefits

The Internal Revenue Service has announced cost-of-living adjustments applicable to dollar limitation for retirement plans and inflation adjusted limits for other benefits for 2006. Many of the limitations have increased from the 2005 limits. Some of the limitations which increase do so as a result of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA), enacted in 2001, rather than cost-of-living adjustment.

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