Retirement plan limit increases

The Internal Revenue Service (IRS) announced last week that it has increased the contribution limits for employees who participate in 401(k), 403(b), and most 457 plans.  The total contributions amounts has increased $500 from $18,500 to $19,000 for plan year 2019.  In addition, the “all sources” contribution maximum increase $1,000 to $56,000.  These limits on contributions are adjusted each year due to inflation.  The catch-up contributions for employees who are age 50 or older remains unchanged at $6,000 because that is not adjusted along with inflation but set by law....

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401k Contribution Increase Announced

The Internal Revenue Service (IRS) announced last week that it will increase the maximum 401k contribution from $18,000 to $18,500 for 2018.  Also increasing is the maximum contribution by both employer and employee from $54,000 to $55,000 for next year. This is the first time in several years that the IRS has increased these maximum amounts. Plan administrators should adjust their systems to reflect the new contributions limits and ensure that they appropriately notify all employees about the changes....

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