On Oct. 19, 2017, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2018 tax year. The limits are based upon the Social Security cost-of-living increases. Some of the limits remain the same, however many of them have changed.
For more information or if you have questions, please contact one of the attorneys listed below.
| 2017 | 2018 | |
| 401(k),403(b) and 457(b) deferral limits | $18,000 | $18,500 |
| 401(k) and 403(b) catch-up deferral limits | $6,000 | $6,000 |
| Annual limitation on compensation | $270,000 | $275,000 |
| Defined contribution limitation | $54,000 | $55,000 |
| Defined benefit limitation |
$215,000 | $220,000 |
| Highly compensated employee compensation threshold | $120,000 | $120,000 |
| Key employee compensation - officer threshold | $175,000 | $175,000 |
| SIMPLE deduction | $12,500 | $12,500 |
| SIMPLE catch-up contribution | $3,000 | $3,000 |
| IRA contribution limit |
$5,500 | $5,500 |
| IRA catch-up contribution limit | $1,000 | $1,000 |
| Social Security wage base | $127,200 | $128,700 |
For more information or if you have questions, please contact one of the attorneys listed below.
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