The IRS has issued Notice 2019-59 announcing the retirement plan limits for 2020.
Download this FYI Alert as a printable PDF
Retirement plan limits
The table below lists the key 2020 limits side by side with those in effect for 2019 — all limits shown have increased from 2019 to 2020.
|
2020 |
2019 |
|
| 401(k)/403(b) elective deferral maximum |
$19,500 |
$19,000 |
| §415 defined benefit dollar maximum |
$230,000 |
$225,000 |
| §415 defined contribution annual addition maximum |
$57,000 |
$56,000 |
| §457(b) nonqualified deferred compensation limit |
$19,500 |
$19,000 |
| §401(a)(17) annual compensation limit |
$285,000 |
$280,000 |
| §414(q) highly compensated employee limit |
$130,000 |
$125,000 |
| §414(v) catch-up contribution limit |
$6,500 |
$6,000 |
| §416(i) top-heavy officer limit |
$185,000 |
$180,000 |
In closing
Our For Your Reference, a wallet-sized booklet showing retirement plan and other benefit limits, as well as various key Social Security and Medicare figures, will be available shortly from your consultant.
Volume 42 | Issue 94