IRS Announces 401(k) Maximum Contribution Increase for 2012

October 20, 2011 Updated Oct 20, 2011 at 1:30 PM EDT

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IRS Announces 401(k) Maximum Contribution Increase for 2012

October 20, 2011 Updated Oct 20, 2011 at 1:30 PM EDT

According to a story on CNN.com, the IRS on Wednesday announced that it was raising the contribution limit for employees participating in pension plans.

The new maximum contribution for 2012 is $17,000, which is $500 greater than last year, according to the IRS. It marks the first increase since 2009, according to the CNN story.

Read the CNN.com story HERE.