{"id":6108,"date":"2018-11-05T09:58:42","date_gmt":"2018-11-05T14:58:42","guid":{"rendered":"https:\/\/gtm.com\/business\/?p=6108"},"modified":"2024-08-30T11:11:48","modified_gmt":"2024-08-30T15:11:48","slug":"2019-limits-for-retirement-plans-and-other-benefits","status":"publish","type":"post","link":"https:\/\/gtm.com\/business\/2019-limits-for-retirement-plans-and-other-benefits\/","title":{"rendered":"2019 Limits for Retirement Plans and Other Benefits Announced"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6109 size-large\" src=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/piggy-bank-2889042_1280-1024x614.jpg\" alt=\"2019 limits for retirement plans and other benefits\" width=\"1024\" height=\"614\" srcset=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/piggy-bank-2889042_1280-1024x614.jpg 1024w, https:\/\/gtm.com\/business\/wp-content\/uploads\/piggy-bank-2889042_1280-300x180.jpg 300w, https:\/\/gtm.com\/business\/wp-content\/uploads\/piggy-bank-2889042_1280-1080x648.jpg 1080w, https:\/\/gtm.com\/business\/wp-content\/uploads\/piggy-bank-2889042_1280.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>2019 limits for retirement plans and other benefits have been announced by the IRS.<\/p>\n<p>The amounts employees can contribute to 401(k)s and IRAs will increase in 2019. In particular:<\/p>\n<ul>\n<li>The employee contribution limit for 401(k) plans will be\u00a0<b>$19,000<\/b>, up from $18,500 in 2018. The catch-up contribution limit for employees aged 50 and over remains unchanged at $6,000.<\/li>\n<li>The employee contribution limit for IRAs will be\u00a0<b>$6,000<\/b>, up from $5,500 in 2018. The catch-up contribution limit for employees aged 50 and over remains unchanged at $1,000.<\/li>\n<li>The employee contribution limit for SIMPLE IRAs and SIMPLE 401(k) plans will be\u00a0<b>$13,000<\/b>, up from $12,500 in 2018. The catch-up contribution limit for employees aged 50 and over remains unchanged at $3,000.<\/li>\n<\/ul>\n<p>Other limit changes:<\/p>\n<ul>\n<li>The limitation used in the definition of \u201chighly compensated employee\u201d will\u00a0increase from $120,000 to $125,000.<\/li>\n<li>The FICA Wage Base will increase from $128,400 to $132,900<\/li>\n<li>For low- and moderate-income workers, the Saver&#8217;s Credit income limit will increase to:\n<ul>\n<li>$64,000 for married couples filing jointly<\/li>\n<li>$48,000 for heads of household, and<\/li>\n<li>$32,000 for singles and married individuals filing separately<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Income phase-out ranges have also increased\u00a0for taxpayers making Roth IRA contributions.\u00a0For singles and heads of household, the range will be $122,000 to $137,000 (a $2,000 increase at both ends of the range).\u00a0The range will be $193,000 to $203,000 for married couples filing jointly (a $4,000 increase), while the range will remain the same for married couples filing separate returns ($0 to $10,000).<\/p>\n<p><a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n-18-83.pdf\" target=\"_blank\" rel=\"noopener\">Read the full notice from the IRS<\/a>.<\/p>\n<p>Ensure you stay up to date with changes to wage and labor laws with GTM&#8217;s HR services for businesses. Whether you want access to documents, policies, and forms, or are looking for HR consultations via phone or email, we&#8217;ll keep you compliant. <a href=\"https:\/\/gtm.com\/business\/what-we-offer\/hr\/\" target=\"_blank\" rel=\"noopener\">Learn more<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><em>Source for some of the above information: &#8220;Retirement Plan Contribution Limits Increased for 2019&#8221; by Zywave<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2019 limits for retirement plans and other benefits have been announced by the IRS.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[266],"tags":[20,26,36],"post_folder":[],"class_list":["post-6108","post","type-post","status-publish","format-standard","hentry","category-consulting-services","tag-employee-benefits","tag-irs","tag-retirement"],"_links":{"self":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/6108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/comments?post=6108"}],"version-history":[{"count":3,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/6108\/revisions"}],"predecessor-version":[{"id":6112,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/6108\/revisions\/6112"}],"wp:attachment":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/media?parent=6108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/categories?post=6108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/tags?post=6108"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/post_folder?post=6108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}