December HR Bulletin

H I G H L I G H T S 5 On November 1, 2018, the Internal Revenue Service announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. The chart below lists some of the increases that may affect your Texas State retirement plans. If you would like to increase the amount you are currently contributing to your 403(b), make sure to complete a new Voluntary Retirement Savings Plan Authorization form . Forms received by the 10 th of the month will be effective on the next paycheck. To increase your 457 plan contributions, you will need to log in to your Texa$aver account or call Texa$aver directly at 800.634.5091. 2 0 1 9 Re t i r eme n t P l a n C o n t r i b u t i o n L i m i t s IRS ANNOUNCES Retirement Plan 2018 2019 457 Elective Deferrals 403(b) Elective Deferrals Age 50 Catch Up (403(b) & 457) IRA Contribution Limit IRA Catch Up Contributions $18,500 $19,000 $18,500 $19,000 $6,000 $6,000 $5,500 $6,000 $1,000 $1,000