2020 Annual Plan Limits
|
2020
|
2019
|
2018
|
| Contribution and Benefit Limits |
| Defined Contribution Plans |
$57,000 |
$56,000 |
$55,000 |
| Defined Benefit/Cash Balance Plan - Annuity Limit |
$230,000 |
$225,000 |
$220,000 |
| Cash Balance Maximum Lump Sum |
$3,000,000 |
$2,900,000 |
$2,800,000 |
| 401(k), 403(b) and 457 Plan Elective Deferrals |
$19,500 |
$19,000 |
$18,500 |
| SIMPLE Plan Elective Deferrals |
$13,500 |
$13,000 |
$12,500 |
| IRA (Traditional and Roth) |
$6,000 |
$6,000 |
$5,500 |
| Catch-Up Contributions |
| 401(k), 403(b) and 457 Plans |
$6,500 |
$6,000 |
$6,000 |
| SIMPLE Plans |
$3,000 |
$3,000 |
$3,000 |
| IRA |
$1,000 |
$1,000 |
$1,000 |
| Other |
| Maximum Considered Compensation |
$285,000 |
$280,000 |
$275,000 |
| Social Security Taxable Wage Base |
$137,700 |
$132,900 |
$128,400 |
| Definition of Highly Compensated Employee |
$130,000 |
$125,000 |
$120,000 |
| Definition of Key Employee |
$185,000 |
$180,000 |
$175,000 |
