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Jack Owen’s Tax-Exempt Alert NOVEMBER 2018

2019 Changes in Annual Qualified Retirement Plan Benefit Limits

The IRS recently announced the new annual qualified retirement plan benefit limits for 2019. Set forth in the table below is a summary of the most relevant new limits for 2017 – 2019.

These lists are mainly of interest to those of you familiar with retirement plans. If you do not understand the types of retirement plans referred to below or have any other questions regarding retirement plans in general, please contact our office for more information. Thank you.

2017 2018 2019
415 Limit for Defined Benefit Plans $215,000 $220,000 $225,000
415 Limit for Defined Contribution Plans 54,000 55,000 56,000
401(k) and 403(b) Maximum Deferral 18,000 18,500 19,000
Catch-up Contributions (age 50 and over) 6,000 6,000 6,000
Social Security Taxable Wage Base 127,200 128,700 132,300
Maximum Compensation Allowable for Benefit Purposes 270,000 275,000 280,000
Compensation For Highly Compensated Employee (“HCE”) Status 120,000 120,000 125,000
SIMPLE Maximum Deferral 12,500 12,500 13,000
457 Maximum Deferral 18,000 18,500 19,000
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