The IRS releases 2003 cost-of-living adjustments related to benefit and contribution limits for qualified retirement plans www.irs.gov/pub/irs-news/ir02111.pdf. (Retirement).* The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. releases 2003 cost-of-living adjustments cost-of-living adjustment n. Abbr. COLA An adjustment made in wages that corresponds with a change in the cost of living. related to benefit and contribution limits for qualified retirement plans (www.irs.gov/pub/irs-news/ir02111.pdf). Many such savings caps are not changing this year because 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 fell below the statutory thresholds that otherwise would trigger their adjustment. However, several will increase this year. The limitation under section 402(g)(1) on the exclusion for elective deferrals rises to $12,000 from $11,000, affecting contributions to 401(k) plans and the federal government's thrift savings plans The Federal Thrift Savings Plan, or TSP, is a retirement savings plan for civilians who are, or previously were, employed by the United States Government and for members of the uniformed services. The TSP encompasses many millions of investors and has substantial assets. . |
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