Georgia Association of Enrolled Agents, Inc. - IRS Announces Higher Contribution Limits for Employer Retirement Plans

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IRS Announces Higher Contribution Limits for Employer Retirement Plans

IRS Announces Higher Contribution Limits for Employer Retirement Plans

December 03, 2019 1:11 PM | Anonymous

The Internal Revenue Service has announced that employee contribution limits to employer retirement plans will increase by $500 in 2020. This includes 401(k) plans, 403(b) plans, most 457 plans and the federal Thrift Savings Plan.

Also, the contribution limit for SIMPLE IRA plans will increase to $13,000.

See the IRS news release for details.

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