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Employee Benefits Update: IRS Benefit Plan Limitations
Earlier this week, the Internal Revenue Service issued the various retirement plan limitations for 2020. Here are some of the most important changes from 2019:
- Elective Deferral Limit: $19,500 (increased from $19,000 in 2019)
- Catch-Up Contributions: $6,500 (increased from $6,000 in 2019)
- 415 (Total) Plan Limit: $57,000 (increased from $56,000 in 2019)
- Compensation Limit: $285,000 (increased from $280,000 in 2019)
The attached chart shows the historical limits from 2016 through 2020, and a reference to the IRS sources.
For more information regarding these updates, please contact Matthew J. Flanary at (262) 364-0253 or at firstname.lastname@example.org.