The IRS recently announced the 2019 retirement plan limits for the upcoming year. Please note the highlights are as follows:
- The 415 contribution limit for defined contribution plans increased from $55,000 to $56,000.
- The Maximum Annual Salary limitation for determining benefits increased from $275,000 to $280,000.
- The 403(b) and 457(b) Elective deferrals increased from $18,500 to $19,000.
- The 403(b) and 457(b) age 50 catch-up limit remained unchanged at $6,000.
Please see the attached copy of the University System of Georgia (USG) 2019 retirement plan limits memo for your reference.