Retirement Plan Limits for 2020 The Internal Revenue service has recently announced the cost-of-living adjustments applicable to dollar limitations for tax qualified retirement plans. The limits are generally effective January 1, of the current year. The limits are as follows:Deferral Limits20192020Maximum 403(b), 457(b) & 401(k) Contributions$19,000$19,500Maximum 401(k) Catch-Up Contribution$6,000$6,500Simple MaximumSimple Catch-Up$13,000$3,000$13,500$3,000Benefit LimitsIRC 415(c) Defined Contribution$56,000$57,000415(b) Defined Benefit$225,000$230,000 Compensation Limits Maximum Compensation Limit$280,000$285,000Highly Compensated Employee$125,000$130,000Key Employee Compensation for Top Heavy$180,000$185,000 Social Security Social Security Wage Base (OASDI basis)$132,900$137,700The above does not constitute, and should not be considered to be, legal or tax advice. The tax rules are complicated and their impact on a particular individual may differ depending on the individuals specific circumstances. Please consult with a legal or tax advisor regarding your specific situation.