2020 Retirement Plan Limits

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