The annual Cost of Living (COL) adjustments for retirement plans for tax year 2012 have been announced. Some plan limits will increase, so pay attention to these highlights shared by Lockton Companies: 

• Elective  deferral  or  contribution  limit  for  employees in  401(k) plans increased   from  $16,500  to  $17,000
• 415  limitation  for  defined  contribution  plans  increased from  $49,000  to   $50,000
• Maximum  compensation  limit  increased  from  $245,000  to  $250,000
• Dollar  limitation  concerning  the  definition  of  a  key  employee  in  a  top-­heavy  plan  is   increased  from  $160,000  to  $165,000
• Limitation  used  in  the  definition  of  highly  compensated  employee  is  increased  from   $110,000  to  $115,000
• Catch-­up  contribution  limit  for  those  aged  50  and  over  remains  unchanged  at   $5,500