IRS Announces 2019 Benefit Plan Dollar Limits
By: Davis|Kuelthau’s Labor and Employment Team
The IRS has released adjusted dollar limits for employer-sponsored retirement and welfare plans, as well as for individual retirement vehicles, effective as of January 1, 2019. Most of these limits have been increased for the coming calendar year.
In addition, the Social Security Administration increased the taxable earnings wage base to $132,900 for 2019.
The following chart compares the current and 2019 limits for a variety of benefit plans. Plan sponsors should update their payroll and plan administration systems to take into account the new limits. In addition, sponsors of safe harbor 401(k) plans can now prepare and send their 2019 annual safe harbor notices showing the contribution limits for the coming year.
RETIREMENT PLAN LIMITS
HEALTH PLAN LIMITS
Please contact your Davis|Kuelthau, s.c. attorney, the author noted above, or the related practice group chair linked here for more information or for assistance with updating your plan documents and participant communications.