As a result of the annual indexing of the IRS limits on retirement plan contributions, there is an increase in the amounts which can be contributed to 401k and 403b plans for 2020. An individual’s pre-tax and/or Roth contributions from W-2 pay or self-employment income may be a maximum of $19,500 or, if at least age 50 during the year, $26,000. Additionally, the total employee and employer contributions to the plan may be a maximum of $57,000, or $63,500 if 50 or older. Our Team at ACSI is able to provide more information about contribution limits or plan design alternatives.
