Employees may be able to contribute more money to their 401(k) and 403(b) retirement plans next year, according to projections by the consulting firm of William M. Mercer.
Employees might be able to tuck away $10,500 in their retirement plans next year, up from $10,000 this year. The change depends upon the level of inflation in the third quarter.
Meanwhile, William M. Mercer's Washington office also projects employers will be able to take $170,000 of pay into account when calculating pensions, as opposed to $160,000 at present.
Also next year the pay level at which employees are considered "highly paid" might increase to $85,000 from $80,000.