This month the IRS announced increased retirement plan contribution limits for 2020. Employees in 401(k) plans will be able to contribute up to $19,500 next year, and the catch-up contribution limit for employees aged 50 and over has increased from $6,000 to $6,500. The complete list of notable employer retirement plan increases are summarized below:
The increased contribution limits for employer sponsored retirement plans stand in contrast to the more stagnant limits for IRAs: the limit on annual contributions to an IRA is unchanged at $6,000, along with the IRA catch-up contribution limit which remains at $1,000 for individuals aged 50 or older.
KMK Law articles and blog posts are intended to bring attention to developments in the law and are not intended as legal advice for any particular client or any particular situation. The laws/regulations and interpretations thereof are evolving and subject to change. Although we will attempt to update articles/blog posts for material changes, the article/post may not reflect changes in laws/regulations or guidance issued after the date the article/post was published. Please consult with counsel of your choice regarding any specific questions you may have.
ADVERTISING MATERIAL.
© 2024 Keating Muething & Klekamp PLL. All Rights Reserved
PartnerAntoinette Schindel practices in KMK Law's Employee Benefits & Executive Compensation Group. Antoinette regularly advises employers regarding Affordable Care Act (ACA) compliance issues, including health coverage and ...
PartnerLisa Wintersheimer Michel is the leader of the Employee Benefits & Executive Compensation Group. Her practice primarily involves all aspects of qualified retirement plans, including profit sharing plans, 401(k) plans ...
Subscribe
RSS Feed
Follow us on Facebook
Follow us on Twitter
Follow us on LinkedInTopics/Tags
Select- Labor & Employment Law
- Department of Labor
- Employment Law
- Discrimination
- Coronavirus
- FLSA
- Overtime Pay
- Labor Law
- Non-Compete Agreements
- National Labor Relations Board
- Federal Trade Commission
- Wage & Hour
- Privacy
- Reasonable Accommodation
- NLRB
- Workplace Accommodations
- Pregnancy Discrimination
- Employee Benefits and Executive Compensation
- FMLA
- Arbitration
- Employment Litigation
- Workplace Violence
- Religion Discrimination
- Medical Marijuana
- IRS
- Litigation
- Social Media
- Employer Policies
- Americans with Disabilities Act
- Disability Discrimination
- Retirement
- Medical Cannabis Dispensaries
- National Labor Relations Act
- Race Discrimination
- Sexual Orientation Discrimination
- Accommodation
- OSHA
- Employer Handbook
- ERISA
- Whistleblower
- EEOC
- ADAAA
- United States Supreme Court
- ACA
- Affordable Car Act
- Unions
- Title VII
- Employer Rules
- Sexual Harassment
- Technology
- Federal Arbitration Act
- NLRA
- Transgender Issues
- Disability
- 401(k)
- Employment Settlement Agreements
- Sixth Circuit
- Equal Employment Opportunity Commission
- Fair Labor Standards Act
- Paycheck Protection Program
- Benefits
- Class Action Litigation
- Disability Law
- Gender Identity Discrimination
- Posting Requirements
- Securities Law
- E-Discovery
- Evidence
- Preventive Care Benefits
- Health Savings Account
- SECURE Act
- US Department of Labor Employee Benefits Security Administration
- Environmental Law
- Family and Medical Leave Act
- Privacy Laws
- Representative Election Regulations
- Department of Justice
- Healthcare Reform
- Older Workers' Benefit Protection Act (OWBPA)
- Affirmative Action
- Electronically Stored Information
- Equal Opportunity Clause
- Telecommuting
- Compensable Time
- Occupational Safety and Health Administration
- Security Screening
- Supreme Court
- E-Discovery Case Law
- Electronic Data Discovery
- ESI
- Unemployment Insurance Integrity Act
- American Medical Association
- Attendance Policy
- Classification
- Fair Minimum Wage
- Federal Minimum Wage
- Misclassification
- Return to Work
- Seniority Rights
- State Minimum Wage
- Wage Increase
- Confidentiality
- Disability Leave
- Equal Pay
- Genetic Information Discrimination
- Media Policy
- National Origin Discrimination
- Retaliation
- Social Media Content
- Employment Incentives
- HIRE Act
- Social Security Tax
- Taxation
- Antitrust
Recent Posts
- Federal Court Overturns Expansion of Overtime Requirements
- U.S. Supreme Court to Review Title VII Reverse Discrimination Case
- NLRB General Counsel Expands Focus on Non-Compete Agreements and Stay-Or-Pay Agreements
- FTC's Non-Compete Rule Struck Down
- District Court Finds in Favor of FTC, Declines to Issue Injunction
- DOL Increases Compensation Threshold for Exemption Eligibility
- Federal Trade Commission Announces New Rule Invalidating Non-Compete Agreements
- EEOC Announces Final Rule Providing Guidelines under the PWFA
- The Practical Employment Law Podcast: Immediate Termination
- The Practical Employment Law Podcast: Labor & Employment Law Update February 2024