The IRS announced 2010 pension plan and retirement plan contribution limits today. This limitation affects elective deferrals to Section 401(k) plans and to the Federal Government’s Thrift Savings Plan, among other plans.
Most limits were kept the same as 2009 due to minimal inflation. "This is because the cost-of-living index for the quarter ended September 30, 2009, is less than the cost-of-living index for the quarter ended September 30, 2008,"
2010 401 K contribution limits are as follows:
2010 401k Contribution Limit: $16,500
2010 Catch-Up Contribution Limit (if you are age 50 years old and older): $5,500
You are also subject to the limits imposed by your company’s 401k plan. Matching contributions, if any, provided by your employer do NOT effect these limits. Check with your employer to see if they have any contribution limits.
You can find 2009 Contribution Limits here.
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