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Employee Benefits Update: IRS Benefit Plan Limitations
Earlier this morning, the Internal Revenue Service issued various retirement plan limitations for 2021. Some of the most important limits remain unchanged from 2020:
- Elective Deferral Limit: $19,500 (unchanged from 2020)
- Catch-Up Contributions: $6,500 (unchanged from 2020)
- 415 (Total) Plan Limit: $58,000 (increased from $57,000 in 2020)
- Compensation Limit: $290,000 (increased from $285,000 in 2020)
The attached chart shows these and several other historical limits from 2016 through 2021, and a reference to the IRS sources.