January 31, 2019

IRS increases dollar limit for retirement contributions

Good news for retirement planning: Eligible employees can put away an additional $500 in 2019 for their future.

The Internal Revenue Service increased the 2019 limit for employee deferrals to approved retirement plans — 403(b) tax-sheltered annuities — from $18,500 to $19,000. The catch-up contribution limit for employees age 50 and above will remain at $6,000. Thus, employees age 50 and over can contribute up to $25,000 in 2019 to retirement funds.

Loma Linda University Health encourages benefit-eligible employees to take advantage of the retirement plans offered to them. Employees who contribute to their plan can increase financial security for the future while receiving a tax break on pre-taxed contributions.

Furthermore, benefit-eligible employees of these entities — Loma Linda University (staff only), Medical Center, Children’s Hospital, Behavioral Medicine Center, Murrieta and Shared Services — may also receive employer matching on qualified employee contributions. 

Improve your future

It’s never too soon or too late to start planning for retirement.

For more information about retirement plans at Loma Linda University Health, visit the Human Resource Management benefits page on One Portal. Additionally, employees are encouraged to utilize the free online financial planning tools available through the SmartDollar employee benefit. 

Learn more by contacting Human Resource Management at ext. 14001 or humanresources@llu.edu.