IRS maximum employees can contribute to the 403(b) plan

For 2018, the Internal Revenue Service has announced that the annual maximum amounts employees can contribute to their 403(b) plan, also known as a tax-sheltered annuity, are: employees under age 50, up to $18,500 per year; employees 50 and older, up to $24,000. The hospital matches up to a maximum of 3 percent of the employee’s first 5 percent contribution of base pay, up to the IRS maximum of $275,000 for 2018.