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ARTICLE · 13 NOVEMBER 2019

IRS Publishes 2020 Pension Plan Limitations

Day Pitney LLP
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IRS recently announced the cost-of-living adjustments applicable to certain dollar limitations for employee pension benefit plans for 2020.

United StatesEmployment and HR
David Doyle
David Doyle
Kathy Lawler
Kathy Lawler
Liza Hecht
Liza Hecht
Thomas O'Mullane
Thomas O'Mullane
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IRS recently announced the cost-of-living adjustments applicable to certain dollar limitations for employee pension benefit plans for 2020. The resulting dollar limits are as follows:

  • The annual benefit limit for defined benefit plans is increased from $225,000 to $230,000.
  • The annual addition limit for defined contribution plans is increased from $56,000 to $57,000.
  • The annual limit with respect to the exclusion for elective deferrals to a 401(k), 403(b) or 457(b) plan is increased from $19,000 to $19,500.
  • The limit on annual contributions to an individual retirement arrangement (IRA) remains unchanged at $6,000. The dollar limit for an additional catch-up contribution to an IRA for individuals age 50 or older remains unchanged at $1,000.

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