For the year 2020, the IRS has made a number of changes to the various limits that govern 401(k) plans. Here are the plan limits for 2020. Please contact your plan consultant if you have any questions about what these changes mean for your plan.
401(k) Deferral Contributions – Increased to a maximum dollar amount of $19,500
401(k) Catch-Up Contributions – Increased to $6,500
Maximum Defined Contribution Limit (415) – Increased to $57,000
Maximum Compensation – Increased to $285,000
Highly Compensated Compensation – Increased to $130,000
Social Security Wage Base – Increased to $137,700