As 2017 nears its end, we already have the retirement plan limits set for 2008 by the Internal Revenue Service (IRS).

For 401(k) plans, the 2018 limit for salary deferrals contributions is $18,500, up $500 from 2017’s limit. Remember this limit is per participant, regardless of how many plans that a participant is enrolled in.

The annual additions maximum contribution (employer and employee combined) increases by $1,000 to $55,000.

Plan participants who contribute to the limit next year will be able to receive up to $36,500 from match and profit-sharing contributions ($55,000 minus $18,500).

The employee compensation limit for calculating contributions is $275,000, up $5,000, while the compensation limit of key employees in a top-heavy plan and of highly compensated employees in a top-heavy plan remains the same at $175,000 and $120,000, respectively.

For defined benefit plans, the limit for the maximum annual benefit rises from $215,000 to $220,000.

For SIMPLE and SEP plans, the maximum contribution limits are unchanged at $12,500 and $600, respectively; for ESOPs, the maximum account balance in the plan subject to a five-year distribution period will increase to $1105,000 from $1,080,000, while the dollar amount used to determine the lengthening of the five-year distribution period rises to $220,000 from $215,000.

Annual IRA contributions, as well as IRA catch-ups, are unchanged at $5,500 and $1,000, respectively.