Earlier this week, the Internal Revenue Service issued the various retirement plan limitations for 2020.  There are changes to some of the most important limitations 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)

See an up-to-date chart that 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 mflanary@buelowvetter.com.