BUSINESS BRIEFING
Times Wire Reports
The maximum contribution limits for 401(k) and other retirement plans will stay the same next year, the IRS says.
The agency released a statement keeping the maximum at $16,500 instead of lowering it, as some had feared.
Retirement plan advisors said a lower contribution limit would send the wrong signal to investors who already largely do not save enough.
The maximum contribution is established by using a formula tied to the third-quarter consumer price index for all urban consumers -- the CPI-U. This year the CPI-U fell 1.3% over the last 12 months.
