The IRS has released the updated pension plan amounts for 2019. Here are the highlights:
- Contribution limit for employees participating in 401(k), 403(b) and most 457 plans increases from $18,500 to $19,000.
- Catch-up contribution limit remains unchanged at $6,000
- SIMPLE retirement account limits increases from $12,500 to $13,000
- Maximum annual addition for defined contribution plans increases from $55,000 to $56,000
- Highly compensated employee compensation limit definition increases from $120,000 to $125,000
For more information, visit https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19000-for-2019-ira-limit-increases-to-6000