IRS Announces 2018 Pension Plan Limitations Not Affected by Tax Cut and Jobs Act of 2017

WASHINGTON — The Internal Revenue Service today announced that the Tax Cut and Jobs Act of 2017 does not affect the tax year 2018 dollar limitations for retirement plans announced in IR 2017-177 and detailed in Notice 2017-64.

The tax law provides dollar limitations on benefits and contributions under qualified retirement plans, and it requires the Treasury Department to annually adjust these limits for cost of living increases. Those adjustments are to be made using procedures that are similar to those used to adjust benefit amounts under the Social Security Act.

As the recently enacted tax legislation made no changes to the section of the tax law limiting benefits and contributions for retirement plans, the qualified retirement plan limitations for tax year 2018 previously announced in the news release and detailed in guidance remain unchanged.

The tax law also specifies that contribution limits for IRAs, as well as the income thresholds related to IRAs and the saver’s credit, are to be adjusted for changes in the cost of living using procedures that are used to make cost-of-living adjustments that apply to many of the basic income tax parameters.

Although the new law made changes to how these cost of living adjustments are made, after taking the applicable rounding rules into account, the amounts for 2018 in the news release and the guidance remain unchanged. 

Helping businesses be more successful.

Questions or Request? Please email us at: Info@WindhamChamber.com

Windham Region Chamber of Commerce
1010 Main St., P.O. Box 43
Willimantic CT 06226
Phone: (860) 423-6389
Fax: (860) 423-8235

Corporate Sponsors

Savings Institute Key Bank Eversource
Hit Music i98.3 Gutter Guys
The Chronicle Logistics Consulting WILI 1400 AM

A very special thank you to our Corporate Sponsors for your dedication and continued support to our region.

We ♥ Feedback

We value your opinion, please let us know if you want to see more of something you like or how we can improve upon anything!


   Submit Feedback

Connect With Us

We accept the following payment: