News & Press
News & Press
2020 Retirement Plan Limits
The Internal Revenue Service has announced its inflation-adjusted retirement plan contribution limits for 2020.
| Deferral Limits | 2020 | 2019 |
|---|---|---|
| Elective Deferral Limit for 401(k), 403(b) and 457(b) Plans | $19,500 | $19,000 |
| Catch-up Contribution Limit IRC 414(v) | $6,500 | $6,000 |
| Benefits and Compensation | ||
|---|---|---|
| Annual Additions Limit for Defined Contribution Plans | $57,000 | $56,000 |
| Annual Compensation Limit | $285,000 | $280,000 |
| Highly Compensated Employee Limit | $130,000 | $125,000 |
| Key Employee Determination Limit | $185,000 | $180,000 |
| Limit on Annual Benefits for Defined Benefit Plans | $230,000 | $225,000 |
| SIMPLE Retirement Plan Contribution Limit | $13,500 | $13,000 |
| SIMPLE Retirement Plan Catch-Up | $3,000 | $3,000 |
| Social Security/Medicare | ||
|---|---|---|
| Social Security Wage Base (Old Age, Survivors) | $137,700 | $132,900 |
| Individual Benefit Limits | ||
|---|---|---|
| IRA & Roth IRA | $6,000 | $6,000 |
| IRA & Roth IRA Catch | $1,000 | $1,000 |
*3G Retirement Services, LLC does not provide tax or legal advice. Please consult a qualified tax or legal advisor about your plan contributions.
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