Download as PDF
On November 6, 2019, the IRS announced cost of living adjustments changing dollar limitations for pension plans and other retirement-related items for the tax year 2020. Here are the highlights:

 

 

401k Plan Limits for Year 2020 2019 2018 2017 2016 2015 2014
401k Elective Deferrals1 $19,500 $19,000 $18,500 $18,000 $18,000 $18,000 $17,500
Catch-Up Contribution Limit1 $6,500 $6,000 $6,000 $6,000 $6,000 $6,000 $5,500
Annual Defined Contribution Limit1 $57,000 $56,000 $55,000 $55,000 $53,000 $53,000 $52,000
Annual Compensation Limit1 $285,000 $280,000 $275,000 $270,000 $265,000 $265,000 $260,000
Highly Compensated Employees1 $130,000 $125,000 $120,000 $120,000 $120,000 $120,000 $115,000

 

Non-401k Related Limits 2020 2019 2018 2017 2016 2015 2014
403(b)/457 Elective Deferrals1 $19,500 $19,000 $18,500 $18,000 $18,000 $18,000 $17,500
403(b)/ 457 Catch-Up Contribution Limit $6,500 $6,000 $6,000 $6,000 $6,000 $6,000 $5,500
SIMPLE Employee Deferrals1 $13,500 $13,000 $12,500 $12,500 $12,500 $12,500 $12,000
SIMPLE Catch-Up Deferral1 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $2,500
SEP Minimum Compensation1 $600 $600 $600 $600 $600 $600 $550
SEP Annual1 Compensation Limit1 $285,000 $280,000 $275,000 $270,000 $265,000 $265,000 $260,000
Social Security Wage Base2 $137,700 $132,900 $128,400 $127,200 $118,500 $118,500 $117,000

 


As always, please feel free to contact the Financial Wellness Center if you have any questions.

 

 

1Internal Revenue Service, Notice 2019-59
2Social Security Administration

You may also like

2022 Retirement Contribution Limits
2022 Retirement Contribution Limits
5 November, 2021

On November 4, 2021, the IRS announced cost of living adjustments changing dollar limitations for pension plans and othe...

2023 IRS Retirement Contribution Limits
2023 IRS Retirement Contribution Limits
21 October, 2022

The IRS has announced cost of living adjustments changing dollar limitations for retirement-related items for the tax ye...