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IRS Announces 2019 Pension Limits

The IRS has announced cost-of-living (COLA) adjustments to various pension limits that will apply in 2019. The maximum annual benefit payable under a defined benefit plan has increased to $225,000, and there was a modest increase of $500 in the elective deferral limit under a 401(k) plan or 403(b) plan for 2019. The key 2019 pension limits, as well as the Social Security taxable wage base, are noted in the chart below, along with prior years' limits.

Limit

2019

2018

2017

Maximum Annual Pension Benefit

$225,000

$220,000

$215,000

Maximum Contribution to a DC Plan

$56,000

$55,000

$54,000

Maximum Elective 401(k), 403(b) and 457 Deferrals

$19,000

$18,500

$18,000

Qualified Plan Compensation Limit

$280,000

$275,000

$270,000

Social Security Taxable Wage Base

$132,900

$128,400

$127,200

View Notice 2018-83 for additional 2019 IRS limitation adjustments. For the Social Security Taxable Wage Base, refer to 2019 Social Security Changes Fact Sheet.

If you have any questions about these or other limits or about the impact on your plan, contact your Cheiron consultant.

Cheiron is an actuarial consulting firm that provides actuarial and consulting advice. However, we are neither attorneys nor accountants. Accordingly, we do not provide legal services or tax advice.

 
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