401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500
beSpacific 2019-11-06
Summary:
“The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59 (PDF), posted today on IRS.gov. This guidance provides cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020. […]