Monday HR Minute: 2018 Cost of Living Adjustments

Monday HR Minute: 2018 Cost of Living Adjustments

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2018 Cost of Living Adjustments

The Internal Revenue Service (IRS) has released the 2018 amounts for qualified retirement plan deferrals and wage bases, as well as the Social Security taxable wage base. While the changes were generally expected, note that once again, the individual limit on catch-up contributions will not change.

The most common changes include the 401(k) contribution limit, which will increase by $500 to $18,500, and the Social Security taxable wage base, which will go from $127,200 to $128,700.

The complete list can be found at https://www.irs.gov/retirement-plans/cola-increases-for-dollar-limitations-on-benefits-and-contributions.

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Leslie O’Bryan, ERPA
Chief Operating Officer |
Benefits Administrators

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Managing Partner | Affineco

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The Monday HR Minute, brought to you by Affinity HR Group, is designed to provide you with practical, applicable human resources and management advice and information in a format that will take you 60 seconds or less to read. We believe that by dedicating just one minute a week to thinking about people management practices, business owners and managers can make enormous strides in improving workplace performance.

Affinity HR Group is a full service human resources consulting firm that specializes in advising small and medium-sized enterprises. Our services include recruiting and selection, HR policies and compliance, ad hoc HR support, compensation and performance management, and training and development. We are an endorsed HR partner of a number of leading national trade associations and offer free initial consultations and discounted services to their member companies.
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This e-mail may contain general information about legal matters. Affinity HR Group does not provide legal counsel. The information provided should not be considered legal advice and should not be relied on as an alternative to legal advice from your attorney or other professional legal services provider. If you have any specific questions about this content or any legal matter you should consult your attorney or other professional legal services provider.