November 27, 2018
Human Resources announces IRS retirement contribution limits for 2019
Annually, the IRS determines retirement plan contribution limits for the upcoming year. Recently released 2019 limits will allow employees to set aside more to their tax-favored retirement plans in 2019.
For 2019, the voluntary 403(b) and 457(b) plan limits are $19,000 per plan, up from $18,500 in 2018.
For both voluntary plans, employees who are at least 50 years old during the calendar year may make additional catch-up contributions. The maximum catch-up contribution for 2019 remains unchanged at $6,000.
With the end of the year approaching, it is important to note that requested changes to retirement contributions for December pay need to be submitted via Fidelity no later than Friday (Nov. 30). Changes made after Nov. 30 will take effect beginning with January pay.