IRS releases 2019 pension plan updates

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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