The U.S. Internal Revenue Service (IRS) increased the amount eligible employees can contribute to 403(b) and 457 plans by $500 over 2018 levels.
Elective deferral limits for 2019 are:
- $19,000 for individuals under 50 years of age
- $25,000 for individuals 50 years of age or older
Please consult with your financial advisor with questions regarding these limits and what voluntary pre-tax retirement savings strategy best applies to your situation.