Retirement Plan Limits: 2019 vs 2020

11/12/2019 Jovana Krajewski

The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2020. The chart below compares retirement plan limits for 2019 versus the new limits for 2020.

As shown the in the chart above, there are a lot of changes that will help your employees save more. HR Departments should plan to adjust their systems for next year and to inform employees about the new limits in year-end open enrollment materials. Because the IRS announced the 2020 contribution changes close to the fall open enrollment period, plan sponsors may need to provide addendums to benefits materials that have already been distributed. If you have any questions, please contact your VonLehman advisor.

Have a Question? Contact Us

Contact Us