The Internal Revenue Service (IRS) announced retirement plan contribution limits for the 2018 tax year. Highlights include:

• the limit on elective deferrals, including pre-tax and Roth contributions, into 403(b) and governmental 457(b) plans, increases from $18,000 to $18,500 for 2018,
• the special catch-up limit in governmental 457(b) plans for participants in the three years prior to normal retirement age (as specified by the plan) increases from $18,000 to $18,500 for 2018, and
• the age 50 catch-up limit for people age 50 and above in 401(k), 403(b) and governmental 457(b) plans remains at $6,000 for 2018.

Please note that the special catch-up and the age 50 catch-up may not be used together in the same calendar year.

Employees may change contributions to their 403(b) amounts at any time through Retirement@Work.

Employees may change contributions to their 457(b)  amounts at any time in the “Contributions” section of the Texa$aver website by selecting “Paycheck Contribution” under “My Account” or by calling Texa$aver customer service at (800) 634-5091, TTY/TDD 7-1-1.

Visit the IRS website for more information on the 2018 retirement plan contribution limits.