The IRS recently announced the 2018 retirement plan limits for the upcoming year. Please note the highlights are as follows:
- The 415 contribution limit for defined contribution plans increased from $54,000 to $55,000
- The Maximum Annual Salary limitation for determining benefits increased from $270,000 to $275,000
- The 403(b) & 457(b) Elective deferrals increased from $18,000 to $18,500
- The 403(b) & 457(b) age 50 catch-up limit remained unchanged at $6,000
Attached is a copy of the USG 2018 retirement plan limits memo for your reference.