The IRS has recently released updated Pension Plan Limitations for the 2019 Plan Year. Below is a summary of the new limitations, including the limits set during the past two years.
Important changes to highlight for the 2019 Plan Year are as follows:
For participants who will be age 49 or less during 2019
For participants who will attain age 50 or older during 2019
For all participants during 2019:
For all 401(k) plans please be sure all Plan participants receive notification of the new limits in advance of the 2019 Plan Year, which will allow them time to adjust 401(k) deferral elections for the 2019 plan year, if necessary.
If you have any questions on this, please contact Nino Bondi or Ben Mebane from Porte Brown’s Retirement and Benefits Department.
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