The Internal Revenue Service announced today that it is raising the contribution limit for employees participating in 401(k), 403(b), most 457 plans and the federal government's Thrift Savings Plans to $17,500 from $17,000.

The catch-up contribution limit for employees aged 50 and over who participate in those same plans remains the same at $5,500.

The IRS is changing some of the limits for retirement plans because the cost-of-living index met the statutory thresholds that trigger their adjustment.

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