ARTICLE

IRS Announces Increases in 2020 Retirement Plan Limits

by: Smith and Howard

November 6, 2019

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Each year, the IRS makes cost-of-living adjustments that change the limits placed on contributions to retirement plans. On November 6, 2019, the 2020 limitations for retirement plans and other retirement-related items were announced. Plan sponsors and employers must ensure that they are current on these limits, in order to be compliant and avoid penalties or corrections later. The charts below outline the most common retirement plan limits. There may be others that are also applicable.

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