IRS announces 2020 contribution and benefit limits

The IRS has announced contribution and benefit limits for 2020.

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $19,000 to $19,500.

The catch-up contribution limit for employees aged 50 and over who participate in these plans is increased from $6,000 to $6,500.

If you wish to make changes starting 1/1/2020, please log into your accounts to make the changes.

Categories: Benefits, News, Retirement, Your Pay