The IRS has recently released the updated Pension Plan Limitations for the 2020 Plan Year. You can find a summary of the new limitations below, including the limits set during the past two years.
Important changes to highlight for the 2020 Plan Year are as follows:
For participants who will be age 49 or less during 2020
For participants who will attain age 50 or older during 2020
For all participants during 2020
For all 401(k) plans, please be sure all Plan participants receive notification of the new limits in advance of the 2020 Plan Year, which will allow them time to adjust 401(k) deferral elections for the 2020 plan year, if necessary.
Please contact us if you would like to further discuss these changes and how your retirement plan(s) may be impacted.
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