The IRS released the new dollar limit amounts for 2018 yesterday, and there are quite a few changes from 2017!
- The Maximum Defined Benefit Plan Benefit increases to $220,000 from $215,000.
- The Maximum Defined Contribution Annual Addition increases to $55,000 from $54,000.
- The Salary Deferral Limit increases to $18,500 from $18,000.
- The Maximum Compensation for Retirement Plan Purposes increases to $275,000 from $270,000.
- The Social Security Taxable Wage Base increases to $128,400 from $127,200.
- The 457(b) Contribution Limit increases to $18,500 from $18,000.
- The ESOP 5-year Distribution FActor increases to $220,000 from $215,000.
- The ESOP Account Balance increases to $1,105,000 from $1,080,000.
For the full details and all of the limits, you can find them at the IRS.gov website here.