On November 1, 2018, the IRS announced cost-of-living adjustments for 2019 retirement plan contributions. For 2019, the amounts that individuals will be able to contribute to retirement plans will increase from $18,500 to $19,000. However, the catch-up contribution limit for employees age 50 and over will remain unchanged at $6,000. This chart summarizes the limitations for 2019:
An employer that has an IRS preapproved retirement plan, such as a 401(k) plan, profit sharing plan, or money purchase pension plan, is required to restate the plan every six years for changes in the law. The last six year restatement cycle ended April 30, 2010 and the IRS has announced that the second restatement cycle will run through April 30, 2016. Any employer that does not restate a preapproved retirement plan by April 30, 2016 will be subject to a late amender penalty.
On October 31, 2013, the IRS announced cost-of-living adjustments for 2014 retirement plan contributions. For 2014, the amounts that individuals will be able to contribute to retirement plans will remain the same as 2013. Highlights of the IRS announcement include: