248-449-8300

Contribution Limits

 

Annual Dollar Limits

The table below shows the dollar limitations that affect qualified plans.

Description 2019     2020
IRA $6,000     $6,000
IRA Catch-up (50 or older) $1,000     $1,000
401(k), 403(b) & 457 Deferrals $19,000     $19,500
401(k), 403(b) & 457 Catch-up $6,000     $6,500
SIMPLE Deferrals $13,000     $13,500
SIMPLE Catch-up $3,000     $3,000
Section 415 Limit $56,000     $57,000
Defined Benefit Limit $225,000     $230,000
Compensation Limit $280,000     $285,000
HCE Comp Limit $125,000     $130,000
Key Employee Officer $180,000     $185,000
         

IRS COLA Increases for Dollar Limitations on Benefits and Contributions