IRS Announces Cost-of-Living Adjustments for 2019 Contributions

The Internal Revenue Service (IRS) released 2019 guidelines for pension plans and other retirement-related employee items, including:

  • 401(k), 403(b), most 457 plans, and federal government Thrift Savings Plan: contribution limit increased to $19,000
  • IRA: contribution limit increased to $6,000
  • Defined contribution plans: limitation is increased to $56,000

For additional guidance on adjusted limitations, see Notice 2018-83