2020 COLA Adjustments Announced

rodney-the-architect-Fqn4hiQ-Rnk-unsplash.jpgOn November 5, 2019, the IRS announced 2020 cost-of-living adjustments for annual contribution and other dollar limits affecting 401(k) and other retirement plans.  The maximum limit on salary deferral contributions to 401(k) and 403(b) plans increased $500 to $19,500 and a number of other dollar limits increased.  Citations below are to the Internal Revenue Code.

Capture2020Limits.JPG
In a separate announcement, the Social Security Taxable Wage Base for 2020 increased to $137,700 from $132,900 in 2019.

3 Comments

Filed under 401(k) Plans, 403(b) Plans, COLA Increases, ERISA, IRA Issues, Profit Sharing Plan, Section 457(b) Plans

3 responses to “2020 COLA Adjustments Announced

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s