401(k) Contribution Limits Increase for 2020
The Internal Revenue Service (IRS) released guidance on cost-of-living adjustments affecting contributions to 401(k) plans and other retirement-related items for 2020 because the increase in the cost-of-living index met the statutory thresholds, triggering their adjustment. However, one key limit remains unchanged. The elective deferral (contribution) limit for employees who participate in 401(k) and 403(b) plans increased […]
