Tag Archives: contribution

2019 Retirement Plan Numbers released

The IRS on Thursday increased the pre-tax contribution limits for employees who participate in a 401(k), 403(b) and most 457 plans to $19,000 from $18,500. That limit also applies to the federal government’s Thrift Savings Plan.

For participants ages 50 and over, the additional catch-up contribution limit, which is set by law, will stay at $6,000.

Meanwhile, IRA contribution limits were raised to $6,000 from $5,500 — the first time the IRS has increased the limits since 2013. The catch-up contribution limit for people 50 and over will still be $1,000.

IRA contribution limits were raised to $6,000 from $5,500 — the first time the IRS has increased the limits since 2013. The catch-up contribution limit for people 50 and over will still be $1,000.

  • 401(k) will be $19,000 (catch-up stays at $6,000)
  • Maximum compensation is $280,000 (up $5,000)
  • Defined Contribution limit is $56,000 (up $1,000)
  • Highly Compensated Employee income designation is $125,000 (up for $5,000 for the first time in many years)
  • Key Employee is $180,000 (up $5,000)
  • IRA finally went up to $6,000 (first time in many years it raised and catch-up remains at $1,000)
  • SEP remains at $600 for eligibility purposes (be careful, anybody that earns at least $600 in a year has that year count for eligibility)
  • SIMPLE has raised to $13,000 (up $500 for the first time in many years and catch-up remains at $3,000)

IRS Adjusts 2018 HSA limits

On Monday the IRS announced a reduction to the 2018 Health Savings Account (HSA) family contribution limit to $6,850 from the previously set amount of $6,900. If you have already contributed the maximum amount to your Family HSA for 2018, this could mean that election changes may be required and excess contributions may need to be returned. Contact Participant Services for more information.

This change does not impact contribution limits for individual HSAs, Flexible Spending Accounts (FSAs), Commuter Reimbursement Accounts (CRAs) or QSEHRAs.

December 2018
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Reeve Conover is a Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/dealer member FINRA/SPIC. Cambridge and Conover Consulting are not affiliated. Licensed in SC, NC, NY, CT, NJ, and CA.
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