On Oct. 19, 2017 the Internal Revenue Service announced adjustments to dollar limits for pension plans for tax year 2018. Please note that the new limits are effective for retirement contributions, having begun Jan 1. The catch-up contribution limit for employees aged 50 and over remains unchanged from the 2017 limit.
| IRS Contribution and Benefit Limit | Plan | 2018 | 2017 |
| Annual Compensation Limit – 401(a)(17) | TSERS – hired on or after January 1, 1996 | $275,000 | $270,000 |
| Annual Compensation Limit – 401(a)(17) | TSERS – hired prior to January 1, 1996 | $405,000 | $400,000 |
| Annual Compensation Limit – 401(a)(17) | ORP – hired on or after July 1, 1996 | $275,000 | $270,000 |
| Annual Compensation Limit – 401(a)(17) | ORP – hired prior to July 1, 1996 | $405,000 | $400,000 |
| Elective Deferrals – 402(g)(1) | 401(k) and 403(b) | $18,500 | $18,000 |
| Elective Deferrals – 457(e)(15) | 457(b) | $18,500 | $18,000 |
| Catch-up Contributions – 401(v)(2)(B)(i) | 401(k), 403(b) and 457(b) | $6,000 | $6,000 |
State Health Plan
The State Health Plan announced increases to the EMPLOYER contribution rates for the PPO 80/20 and PPO 70/30. The EMPLOYER contribution will increase to $498.68 per month starting in December 2017 for coverage that begins January 1, 2018.
The State Health Plan also announced an increase to the High Deductible Health Plan for non-permanent employees. The EMPLOYER contribution rate will be $136.30 per month starting in December 2017 for coverage that begins January 1, 2018.