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IRS Releases 2021 Benefit Plan limit Cost-of-Living Adjustments

The Internal Revenue Service (IRS) has released IRS Notice 2020-79, announcing cost-of-living adjustments regarding the 2021 limits for retirement plans and IRS Rev. Proc. 2020-45, announcing cost-of-living adjustments regarding 2021 limits for health and welfare plans. The Social Security Administration (SSA) also announced an increase in the Social Security wage base for 2021 and an … Continued