Statutory Contribution Limits

The Internal Revenue Service recently announced the 2020 cost-of-living and required statutory limit adjustments applicable to retirement plans. The following limits become effective on January 1, 2020.

 

Annual Limit per Individual

2019 2020

Elective deferral limit under Code § 402(g)

$19,000

$19,500

Age 50 catch-up contribution limit under Code § 414(v)

$6,000

$6,500

Contributions to a defined contribution plan
the lesser of 100% of compensation or:

$56,000

$57,000