IRS Announces 2021 Benefit Plan Limit Adjustments | Practical Law
In Notice 2020-79, the Internal Revenue Service (IRS) announced cost-of-living adjustments affecting the 2021 dollar limits for tax-qualified retirement plans. The IRS also announced cost-of-living adjustments for certain limits under fringe benefit and other health and welfare arrangements governed by the tax code (Rev. Proc. 2020-45). The Pension Benefit Guaranty Corporation (PBGC) issued updated premium rates for 2021, and the Social Security Administration (SSA) announced an increase in the Social Security wage base for 2021.