COST-OF-LIVING ADJUSTMENTS
2020
Pension Plan and Related Limits
|
2019
|
2020
|
|||
Pre-tax elective deferral maximum
under IRC § 401(k), 403(b), and 457(b) plans (IRC §§ 402(g)(3) & 457
(e)(15))
|
$19,000
|
$19,500
|
|||
Age 50 and older “catch-up”
adjustment for 401(k), 403(b), and governmental 457(b) plans and SEPs (IRC §
414(v)(2)(B)(i))
|
$6,000
|
$6,500
|
|||
Annual compensation limit under
IRC §§ 401(a)(17), 404(l) and 408(k)
|
$280,000
|
$285,000
|
|||
Annual benefit limit for defined
benefit plans under IRC § 415(b)
|
$225,000
|
$230,000
|
|||
Annual contribution limit for
defined contribution plans under IRC § 415(c)
|
$56,000
|
$57,000
|
|||
Highly compensated employee
threshold for purposes of nondiscrimination testing in the following year
under IRC § 414(q)(1)(B)
|
$125,000
|
$130,000
|
|||
Key employee threshold for
officers for top heavy plan under IRC § 416(i)(1)(A)(i)
|
$180,000
|
$185,000
|
|||
ESOP account balance for 5 and 1
year distributions under IRC § 409(o)(1)(C)(ii)
|
$1,130,000 and
$225,000
|
$1,150,000 and
$230,000
|
|||
Limit on premiums paid for
qualified longevity annuity contracts (QLACs) under Treas. Reg. §
1.401(a)(9)-6 (adopted 2014)
|
$130,000
|
$135,000
|
|||
Minimum earnings level to qualify
for SEP under IRC § 408(k)
|
$600
|
$600
|
|||
SIMPLE plan elective deferral
limit under IRC § 408(p)(2)(E)
|
$13,000
|
$13,500
|
|||
SIMPLE 401(k) or IRA age 50
catch-up (IRC § 414(v)(2)(B)(ii))
|
$3,000
|
$3,000
|
|||
Basic/Roth IRA contribution limit
under IRC §§ 219(b)(5)(A) & 408A. (Age 50
$1,000 IRA catchups do not have cost-of-living adjustments)
|
$6,000
|
$6,000
|
|||
Adjusted gross income (AGI)
phase-out of deduction for IRA where the participant or spouse contributing
to the IRA also participates in an employer-sponsored retirement
plan (IRC § 219(g)(1) & (3)) For
married joint filers –
For single filers –
|
$103,000 to $123,000
$64,000 to
$74,000
|
$104,000 to $124,000
$65,000 to
$75,000
|
|||
AGI phase-out of deduction for IRA
for married persons filing jointly where the spouse who is contributing to
the IRA also participates in the employer-sponsored retirement plan (IRC
§ 219(g)(7))
|
$193,000 to $203,000
|
$196,000 to $206,000
|
|||
Health Savings Account
contribution limits (single and family)
|
$3,500
and $7,000
|
$3,550
and $7,100
|
|||
PBGC guaranteed benefit (annual
single life annuity)
|
$67,295
|
$69,750
|
|||
PBGC flat-rate premiums per
participant for a single-employer plans
|
$80
|
$83
|
|||
PBGC variable-rate premium for
single-employer plans per $1,000 of Unfunded Vested Benefits
|
$43
|
$45
|
|||
PBGC premiums for multiemployer
plans per participant
|
$29
|
$30
|
|||
Taxable wage base subject to FICA
tax
|
$132,900
|
$137,700
|
|||
|
|||||
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