GroupBuck_BondGroup
BLE-237

IRS announces key retirement plan limits for 2020

by and Tags:

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

Related Insights

New York releases guidance on COVID-19 leave

On March 18, the New York law requiring employers to provide sick leave and...

Read more on FYI

Key health and welfare provisions in CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by...

Read more on FYI

COVID-19: OSFI Freezes Portability Transfers

Volume 02 | Issue 06 Download this FYI as a printable PDF This FYI...

Read more on FYI