Originally Posted by
Stan446
You really need to research retirements and what your A plan, or pension is. Your contract has nothing to do with the IRS because the IRS limits what you can make in a defined benefit plan. You do know the IRS limits yearly 401K contributions also?
The limitations on benefits and contributions for retirement plans are set forth in Code section 415. The annual benefit limitation for a defined benefit plan is $225,000 for 2019, $230,000 for 2020 and 2021, $245,000 for 2022 and $265,000 for 2023 (subject to cost-of-living adjustments for later years) for each employee. The limitation on annual contributions to a defined contribution plan is $56,000 for 2019, $57,000 for 2020, $58,000 in 2021, $61,000 in 2022 and $66,000 in 2023 (subject to cost-of-living adjustments for later years) for each employee.
agree with all that but you guys do have the 260k limit written in your contract which has reduced your benefit for many years, that is the limit you can be paid not how much the calculation can be figured on, if you guys would remove that limitation then many would have the 180k retirement you want with the a plan you guys have