The Internal Revenue Service announced cost of living adjustments that affect the dollar limits for pension plans and other retirement-related items for the 2012 tax year.

Because of the change, the elective contribution limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan increased from $16,500 to $17,000. The catch-up contribution for those 50 and older remains at $5,500.

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