Posted: December 27, 2017
IRS 401(k) retirement plan contribution and catch-up limits for 2018The Internal Revenue Service contribution and catch-up contribution limits for individual AMO Plans 401(k) accounts for 2018 are as follows:
401(k) Contributions: The annual contribution limit for a 401(k) account has increased from $18,000 to $18,500 for individuals who will be younger than 50 in 2018.
Catch-up Contributions: The annual 401(k) catch-up contribution limit for individuals who will be age 50 or older in 2018 remains at $6,000. As a result, an individual who will be age 50 or older in 2018 may contribute a maximum of $24,500 to his or her 401(k) account in 2018.
Additional After-Tax Contributions: Participants may make "Additional After-Tax" contributions into the 401(k) Plan. This is in addition to any pre-tax and/or Roth contributions you make and will be invested in the same mutual funds. The combined contribution limit for the 401(k) plan (including any participant contributions, employer matching contributions and additional after-tax contributions) is $55,000. Since these contributions are made after-tax, the amount contributed may be withdrawn at any time without incurring additional taxation; however, taxes would be assessed on any appreciation of these funds beyond the amount contributed.
AMO members with any questions regarding any of AMO's retirement plans can contact our financial advisers, the Atlantic Group at Morgan Stanley, at (800) 975-7061, or via . Participants can also contact the Plan Office at (800) 348-6515 ext. 14, or via . To log onto your 401(k) account go to: https://www.newportgroup.com.
To adjust contributions for 2018, or to establish a 401(k) account, download the AMO 401(k) Plan Enrollment Form from the AMO Plans website.
An article addressing 401(k) contribution limits is available on the IRS website.
|Copyright © 2018, American Maritime Officers|