Welcome! Login | Register
 

New England Colleges See Double-Digit Rise in Tuition & Fees—New England Colleges See Double-Digit Rise in Tuition…

Man Arrested with Possession of Illegal Gun in Worcester—Man Arrested with Possession of Illegal Gun in…

Horowitz: Trump Administration Takes Its Climate Change Denial International—Horowitz: Trump Administration Takes Its Climate Change Denial…

Worcester Police Offer Series of Holiday Safety Tips—Worcester Police Offer Series of Holiday Safety Tips

BBB Warns of Gift Card Scams During Holiday Season—BBB Warns of Gift Card Scams During Holiday…

10 Great Pets in Need of Loving Homes - December 11, 2018—10 Great Pets in Need of Loving Homes…

Bravehearts Launch Memorial Fund Benefitting Daughter of Christopher Roy—Bravehearts Launch Memorial Fund Benefitting Daughter of Christopher…

Worcester Firefighter Roy Dies While Fighting 5-Alarm Fire—Worcester Firefighter Roy Dies While Fighting 5-Alarm Fire

Worcester Police Investigating Vehicle Vandalism in Lincoln Street Area—Worcester Police Investigating Vehicle Vandalism in Lincoln Street…

Disaster Hits New England, Patriots Fall to Dolphins 34-33 on Final Play—Disaster Hits New England, Patriots Fall to Dolphins…

 
 

Smart Benefits: New Retirement Plan Limits Set for 2019

Monday, November 26, 2018

 

Earlier this month, the IRS announced inflation-adjusted figures for pension plans and other retirement-related items for 2019. Highlights of the changes include:

  • 401(k)s: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan increases from $18,500 to $19,000. The catch-up contribution limit for employees age 50 or older in these plans remains the same at $6,000.
  • IRAs: The limit on annual contributions to an IRA, which last increased in 2013, rises from $5,500 to $6,000. The additional catch-up contribution limit for individuals aged 50 and over (which is not subject to an annual cost-of-living adjustment) remains $1,000.
  • SIMPLE Plans: The limit under Section 408(p)(2)(E) regarding SIMPLE retirement accounts goes up from $12,500 to $13,000. The catch-up limit remains $3,000.
  • SEP IRAs and Solo 401(k)s: The amount the self-employed and small business owners can save in a SEP IRA or a solo 401(k) increases to $56,000 in 2019. That’s based on the amount they can contribute as an employer, as a percentage of their salary; the compensation limit used in the savings calculation also goes up to $280,000 in 2019.  

 

Rob Calise is the Managing Director, Employee Benefits of The Hilb Group of New England, where he helps clients control the costs of employee benefits by focusing on consumer-driven strategies and on how to best utilize the tax savings tools the government provides. Rob serves as Chairman of the Board of United Benefit Advisors, and is a board member of the Blue Cross & Blue Shield of RI Broker Advisory Board, United HealthCare of New England Broker Advisory Board and Rhode Island Business Healthcare Advisors Council. He is also a member of the National Association of Health Underwriters (NAHU), American Health Insurance Association (AHIA) and the Employers Council on Flexible Compensation (ECFC), as well as various human resource associations. Rob is a graduate of Bryant University with a BS in Finance 

 

Enjoy this post? Share it with others.

 
Delivered Free Every
Day to Your Inbox