The Internal Revenue Service recently announced retirement contribution limits for 2018 adjusted for cost-of-living considerations. Below is a chart of the 2018 calendar year limits, together with those from 2017.
General Plan Limits
|
Annual Limit per Individual
|
2017
|
2018
|
|
Elective deferrals to 401(k), 403(b) and SEP plans:
|
$18,000
|
$18,500
|
|
Catch-up contributions for employees turning age 50 or older:
|
$6,000
|
$6,000
|
|
Contributions to a defined contribution plan, the lesser of 100% of compensation or:
|
$54,000
|
$55,000
|
|
Benefits under a defined benefit plan:
|
$215,000
|
$220,000
|
|
Total compensation that can be taken into account to calculate contributions or benefits:
|
$270,000
|
$275,000
|
|
Threshold for classification as a highly compensated employee:
|
$120,000
|
$120,000
|
|
Threshold for classification as a key employee in a top-heavy plan:
|
$175,000
|
$175,000
|
|
Deferral limit under eligible 457(b) plans of tax-exempt organizations and state and local
governments:
|
$18,000
|
$18,500
|
|
Elective deferrals to a SIMPLE retirement account:
|
$12,500
|
$12,500
|
