The Internal Revenue Service just announced the new (increased) retirement plan limits for 2020, as follows:

LIMIT	2020	2019
Maximum Annual Pension Benefit	$230,000	$225,000
Maximum Contribution to a Defined Contribution Plan	$57,000	$56,000
Maximum Elective Deferrals for 401(k), 403(b), and 457 Plans	$19,500	$19,000
Qualified Plan Compensation Limit	$285,000	$280,000

It is worth noting that the Social Security Taxable Wage Base has also increased from $132,900 in 2019 to $137,700 for 2020.

If you have questions about these adjustments or the application of the limits generally, please contact Kathy Aslinger or Ashley Trotto at (865) 546-7311.