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PSCA Executive Reports

November 26, 2019

Contribution Limit Increases

The IRS recently announced that most of the key retirement plan limits will increase next year based on recent cumulative inflation. The elective deferral limit for 401(k) and 403(b) plans will increase from $19,000 for 2019 to $19,500 for 2020. Catch-up contributions to 401(k) and 403(b) plans for those 50 or over will increase, as well, from $6,000 to $6,500. The IRA contribution and catch-up contribution limits remain the same at $6,000 and $1,000, respectively.

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