IRS Announced 2020 Retirement Benefits & Contribution Limits

The Internal Revenue Service (“IRS”) has announced the contribution limits for benefit plans in 2020. The IRS additionally defined limits for top-heavy plans, catch-up contributions and social security wage base.

Statutory limits have been increased for most plans, including the limit for annual benefit plans, which has been increased to $230,000 for 2020, and previously was $225,000 for 2019. IRA limits and catch up contribution limits remain unchanged.

Read the recent publication from Cherry Bekaert Benefits Consulting for more information and a full list and figures for contribution limits.

For more information, contact your Cherry Bekaert professional.