The IRS has released the cost of living adjustments that affect the dollar limits for various retirement plans. Many of the limits have increased from 2018 to 2019 due to an increase in the Consumer Price Index on which these limits are based.
At this time, the cost of living adjustments have not been announced for certain health & welfare plans, while other limits were announced earlier this year. The limits that have not been officially announced by the IRS are noted with a “TBD” in their column. As soon as these limits are determined, we will send out an update.
Please contact your Nyhart consultant for additional information or questions.
|401(k) / 403(b) / 457 Plan Maximum Elective Deferral||$18,500||$19,000|
|Qualified Plan Compensation Limit||$275,000||$280,000|
|Catch-Up Contribution Limit for all plans other than 401(k)(11) and 408(p) plans||$6,000||No change|
|Catch-up Contribution Limit for 401(k)(11) and 408(p)||$3,000||No change|
|Highly Compensated Employee Definition||$120,000||$125,000|
|Top Heavy Key Employee Definition||$175,000||$180,000|
|Defined Contribution Annual Additions Limit||$55,000||$56,000|
|Defined Benefit Annual Benefit Limit||$220,000||$225,000|
|Social Security Taxable Wage Base||$128,400||$132,900|
|Flexible Spending Accounts (FSAs)|
|Health FSA Limit||$2,650||TBD|
|Dependent Care Account|
|Married individuals, filing separately||$2,500||TBD|
|Health Savings Account Limitations (HSAs)|
|HSA Contribution Limits|
|HDHP Out of Pocket Maximum|
|HDHP Minimum Annual Deductible|
|Employer Provided Adoption Assistance Programs||$13,840||TBD|
|Transportation Fringe Programs|
|Mass Transit Expenses||$260/month||TBD|