The Internal Revenue Service has announced inflation-adjusted retirement plan limits for 2019. These limits are commonly used in the administration of retirement plans.
| Category | 2020 | 2019 |
|---|---|---|
| Elective Deferral Limit for 401(k) and 403(b) Plans IRC402(g) | $19,500 | $19,000 |
| Annual Additions Limit for Defined Contribution Plans IRC415(c) | $57,000 | $56,000 |
| Limit on Annual Benefits for Defined Benefit Plan IRC415(b) | $230,000 | $225,000 |
| Catch-up Contribution Limit IRC414(v) | $6,500 | $6,000 |
| Annual Compensation Limit IRC401(a)(17) | $285,000 | $280,000 |
| Highly Compensated Employee Limit IRC414(q) | $130,000 | $125,000 |
| Key Employee Determination Limit IRC416(i) | $185,000 | $180,000 |
| SIMPLE Retirement Plan Contribution Limit IRC408(p) | $13,500 | $13,000 |
| Social Security Wage Base (Old Age, Survivors) | $137,700 | $132,900 |
| Medicare Wage Base | No Limit | No Limit |