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ARTICLE · 18 NOVEMBER 2019

2020 Employee Benefit Plan And Transportation Limits

The Internal Revenue Service ("IRS") recently announced 2020 cost-of-living adjustments for retirement and health and welfare plans and transportation programs.

United StatesEmployment and HR

The Internal Revenue Service ("IRS") recently announced 2020 cost-of-living adjustments for retirement and health and welfare plans and transportation programs. The majority of limits increased modestly for 2020, while a few dollar limits, such as the IRA contribution limit, will remain the same. Notable increases in 2020 are the defined benefit and contribution plan limits, elective deferral limits and age 50 catch-up contributions.



Retirement Plan Limits

The 2020 annual retirement plan limitations as compared to 2019 are as follows:

2020 2019
401(k), 403(b) and 457(b) Plan Elective Deferrals $19,500 $19,000
Age 50 Catch-Up contribution (For Above Plans)

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