03/17/21

Retirement Plan Contribution and Benefit Limits

This chart lists the maximum amounts individuals are permitted to contribute to their retirement plans each year. The effective date for 2023 limits is January 1, 2023. Maximum Dollar Limits 2023 2022 2021 2020 Annual employee contribution limit for 401(k), 403(b), or 457 savings plans $22,500 $20,500 $19,500 $19,500 Annual catch-up contribution limit for 401(k), 403(b) […]


01/22/18

Tax Expenditures for Retirement Plans

The tax law recently enacted by Congress includes a great many provisions. Some are easy to understand. Others are not. Among the least understood provisions are those that modify “federal tax expenditures.” This fact sheet explains what tax expenditures are and how they affect retirement plans. What are Tax Expenditures?  Tax expenditures are commonly called […]


11/22/16

I’m getting divorced: What is a qualified domestic relations order and why should I care?

A retirement plan can be the largest asset in a marriage. Nonetheless, retirement plans are often forgotten or overlooked during divorce, in part because divorce is so complicated and in part because a divorce can occur years before retirement – and who’s thinking about retirement when it’s 10 or 20 years down the road? If […]


11/01/16

Saver’s Credit At-A-Glance: How the Saver’s Tax Credit Can Boost Your Retirement Savings

The average retirement benefit from Social Security may not be enough to pay for your expenses during retirement. The federal government encourages low-income earners to save for retirement through a tax credit called the Saver’s Credit. It is a non-refundable tax credit for individuals who make under $31,000 or married couples who make under $62,000 […]


04/10/15

Investment Advisers: Who Are They and Why Does It Matter?

The universe of financial advisers can be very confusing. People who give financial advice use many different labels, including investment adviser investment manager asset manager broker financial planner financial consultant financial adviser certified financial planner With such a variety of titles, it can be difficult to know which legal standards – if any – apply […]


04/03/12

Polling Data on America’s Retirement Crisis

The Retirement Crisis is a Top Concern for Americans A wide range of polls shows that the retirement crisis is all too real.  Americans are experiencing the crisis firsthand, yet policymakers and opinion leaders are paying scant attention to the problem. Below are the results from recent polls that show the depth of national anxiety […]


02/19/11

Tips for Keeping Track of Your Pension: Additional Detail

This page is a supplement to the Keeping Track of Your Pensions fact sheet. Keep Records Pension plans have a duty under the law to maintain records about the pension plan and the individuals entitled to benefits from the plan. Workers should keep back-up records of their own in case there are mistakes in the […]


12/17/10

Why People Need Pensions

Millions of Americans are heading toward an inadequately funded retirement. Without adequate income, older adults will lack the resources that enable them to live independently, afford health care, and continue to contribute to society. While Social Security has kept the majority of older adults from sinking into destitution, far too many retirees are having trouble […]


12/16/10

Pension Challenges and Opportunities

The nation’s $10 trillion pension system is facing formidable new challenges. Companies that once provided traditional employer‐paid pensions as a standard part of their compensation packages – giving individuals a guaranteed stream of income with security in their later years – are retreating from them in favor of 401(k) plans that shift the burden and […]


12/16/10

Tips for Keeping Track of Your Pension

Each year the Pension Rights Center gets calls and e-mails from retirees asking for help. Many are seeking a pension plan that was “lost” because their former company moved or merged. We also hear from workers who need help proving that they worked long enough to qualify for benefits. Other people come to us because their pension […]


12/16/10

Phased Retirement

What is phased retirement? The term phased retirement refers to programs in which workers can reduce their working hours in lieu of immediate retirement. An employee would draw a reduced salary, which she would supplement with distributions from her employer’s retirement plan. Such plans can in some circumstances be positive for both the employee and […]