COLAs for retirement, Social Security, and health benefits for 2015

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By Milliman Employee Benefits Research Group | 27 October 2014
With the release of the September 2014 Consumer Price Index (CPI) by the Bureau of Labor Statistics, the Social Security Administration (SSA) and the IRS have announced cost-of-living adjusted figures for Social Security and retirement plan benefits, respectively, for 2015. Because some of the employee benefit plan limits for 2015 have changed from 2014, plan sponsors should verify that their administrative and payroll systems reflect the appropriate limits. Employers should also monitor developments and anticipate the need to make other modifications to their systems.