IRS announces 2020 retirement contribution limits

December 19, 2019
Categories: General News

In addition to the 6% that all eligible employees contribute to their mandatory retirement plan, you are encouraged to consider participating in supplemental plans based on eligibility. Below are the plan options and limits. Supplemental Plan Options

  • 401k and 457 plans (Prudential)
  • 403b and 457 plans (Fidelity and TIAA)

The IRS recently announced the contribution limits for 2020:

  • Under the age of 50: $19,500
  • Over the age of 50: an additional $6,500

Reference Supplemental Retirement Plans for more details and instructions for starting or changing your contributions.