This month the IRS announced increased retirement plan contribution limits for 2020. Employees in 401(k) plans will be able to contribute up to $19,500 next year, and the catch-up contribution limit for employees aged 50 and over has increased from $6,000 to $6,500. The complete list of notable employer retirement plan increases are summarized below:
The increased contribution limits for employer sponsored retirement plans stand in contrast to the more stagnant limits for IRAs: the limit on annual contributions to an IRA is unchanged at $6,000, along with the IRA catch-up contribution limit which remains at $1,000 for individuals aged 50 or older.
KMK Law articles and blog posts are intended to bring attention to developments in the law and are not intended as legal advice for any particular client or any particular situation. The laws/regulations and interpretations thereof are evolving and subject to change. Although we will attempt to update articles/blog posts for material changes, the article/post may not reflect changes in laws/regulations or guidance issued after the date the article/post was published. Please consult with counsel of your choice regarding any specific questions you may have.
ADVERTISING MATERIAL.
© 2020 Keating Muething & Klekamp PLL. All Rights Reserved
PartnerAntoinette Schindel practices in KMK Law's Employee Benefits & Executive Compensation Group. Antoinette regularly advises employers regarding Affordable Care Act (ACA) compliance issues, including health coverage and ...
PartnerLisa Wintersheimer Michel is the leader of the Employee Benefits & Executive Compensation Group. Her practice primarily involves all aspects of qualified retirement plans, including profit sharing plans, 401(k) plans ...
Get Updates By Email
RSS Feed
Follow us on Facebook
Follow us on Twitter
Follow us on LinkedInTopics/Tags
Select- Labor & Employment Law
- Coronavirus
- Employee Benefits and Executive Compensation
- Employment Law
- NLRB
- Discrimination
- Sexual Orientation Discrimination
- NLRA
- Department of Labor
- IRS
- Race Discrimination
- Retirement
- ERISA
- Arbitration
- Employer Policies
- ACA
- Affordable Car Act
- Accommodation
- Labor Law
- Americans with Disabilities Act
- Reasonable Accommodation
- Paycheck Protection Program
- Litigation
- National Labor Relations Act
- National Labor Relations Board
- Social Media
- Employer Handbook
- Employment Litigation
- 401(k)
- EEOC
- Wage & Hour
- Federal Arbitration Act
- Workplace Accommodations
- Title VII
- ADAAA
- Securities Law
- Sexual Harassment
- Employer Rules
- Unions
- Employment Settlement Agreements
- Transgender Issues
- Technology
- Preventive Care Benefits
- Health Savings Account
- Privacy
- SECURE Act
- FMLA
- US Department of Labor Employee Benefits Security Administration
- Disability
- Workplace Violence
- Sixth Circuit
- Fair Labor Standards Act
- Disability Discrimination
- Equal Employment Opportunity Commission
- OSHA
- Overtime Pay
- Religion Discrimination
- Representative Election Regulations
- Gender Identity Discrimination
- Posting Requirements
- Class Action Litigation
- Disability Law
- Department of Justice
- E-Discovery
- Evidence
- Benefits
- Family and Medical Leave Act
- Environmental Law
- Privacy Laws
- Older Workers' Benefit Protection Act (OWBPA)
- Healthcare Reform
- Telecommuting
- Electronically Stored Information
- Affirmative Action
- Equal Opportunity Clause
- Compensable Time
- Pregnancy Discrimination
- Security Screening
- Supreme Court
- Occupational Safety and Health Administration
- E-Discovery Case Law
- Electronic Data Discovery
- ESI
- Unemployment Insurance Integrity Act
- Return to Work
- Seniority Rights
- American Medical Association
- Attendance Policy
- Classification
- Fair Minimum Wage
- Federal Minimum Wage
- Misclassification
- State Minimum Wage
- Wage Increase
- Confidentiality
- Disability Leave
- Equal Pay
- Genetic Information Discrimination
- Media Policy
- National Origin Discrimination
- Retaliation
- Social Media Content
- Taxation
- Employment Incentives
- HIRE Act
- Social Security Tax
- Antitrust
Recent Posts
- Back to School for the Class of COVID-19 - Managing Employee Leave Requests
- NLRB Adopts "Motivating Factor" Test For Abusive Workplace Conduct
- Contact Tracing - Considerations for Employers
- Supreme Court Rules Sexual Orientation and Gender Identity Protected Under Title VII
- COVID-19 Related RIFs - Considerations for Employers
- Benefits Monthly Minute UPDATE: Hot-Off the (Electronic) Press! DOL Issues New E-Disclosure Rules
- Should Employers Use COVID-19 Antibody Tests?
- NEW COVID-19 Guidance For 125 Plans and HRA Premium Expense Reimbursement
- IRS Q&As Address Open Questions on CARES Act CRD and Loan Administration
- What Should Employers Do About Employees Who Refuse to Return to Work?