2020 Contribution Limits Announced
The IRS has announced retirement plan contribution limits for 2020. We highlight what will change in 2020:
• 457(b), 401(k) and 403(b) Plans — The annual elective deferral limit for these plans will increase to $19,500 in 2020, up from $19,000 in 2019.
• 401(a) Plans — The annual additions limit will increase to $57,000 in 2020, up from $56,000 in 2019.
• Traditional and Roth IRAs — Annual contribution limits remain the same at $6,000 in 2020.
More information about the 2020 contribution limits, including the Age 50 Catch-Up and Pre-Retirement Catch-Up limits are available at www.icmarc.org/contributionlimits.
Detailed information is available from the IRS.
Need further information?
Please contact your ICMA-RC representative, who will be glad to assist you.
Retirement Plans Specialist