2006 pension plan limitations.The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. has unveiled cost of living adjustments applicable to dollar limitations for pension plans and other items, for tax year 2006. Many pension plan limitations will change for 2006. For most limitations, the increase in the cost-of-living index cost-of-living index n. See consumer price index. Noun 1. cost-of-living index - an index of the cost of all goods and services to a typical consumer consumer price index, CPI met the statutory thresholds that trigger (1) A mechanism that initiates an action when an event occurs such as reaching a certain time or date or upon receiving some type of input. A trigger generally causes a program routine to be executed. their adjustment. [ILLUSTRATION OMITTED] Additionally, several limitations set by the Economic Growth and Tax Relief Reconciliation Act of 2001 are scheduled to increase at the beginning of 2006. For more, visit www.irs.gov/newsroom/article/0,,id=149631,00.html. |
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