2019 IRS Pension Plan & Related Annual Contribution Limits
The Internal Revenue Service recently announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2019. A number of these changes will create additional opportunities for those individuals interested in saving as much as possible for retirement!
Of note, is the limit on annual contributions to an IRA, which hasn’t increased since 2013. For 2019, the annual contribution limit increased from $5,500 to $6,000. (The additional catch-up contribution limit for individuals aged 50 and over remained the same at $1,000.)
Please find below a chart delineating the new limits for 2019, as well as the past limits for 2017 and 2018 for historical purposes.
For information on the IMANA Multiple Employer 401(k) Plan, contact Ashraf (Al) Elghandour at (973) 360-4384 or via email at [email protected].