2020 Retirement Savings Plan Contribution Limits

The information below summarizes the retirement plan contribution limits for 2020.

PlanNormal Limit“Age 50” Catch-up Limit“Pre-Retirement” Catch-up Limit
457 $19,500 $6,500 $19,500
401(a) $57,000 N/A N/A
401(k) $19,500 $6,500 N/A
403(b) $19,500 $6,500 $15,500 lifetime cap
IRA $6,000 $1,000 N/A

N/A = Not applicable

View 2019 contribution limits.

More details on the retirement plan limits are available from the IRS.

457 Plans

The normal contribution limit for elective deferrals to a 457 deferred compensation plan is increased from $19,000 to $19,500 in 2020. Employees age 50 or older may contribute up to an additional $6,500 for a total of $26,000. Employees taking advantage of the special pre-retirement catch-up may be eligible to contribute up to double the normal limit, for a total of $39,000.

401(a) Plans

The total contribution limit for 401(a) defined contribution plans under section 415(c)(1)(A) increased from $56,000 to $57,000 for 2020. This includes both employer and employee contributions.

401(k) Plans

The annual elective deferral limit for 401(k) plan employee contributions increased from $19,000 to $19,500 in 2020. Employees age 50 or older may contribute up to an additional $6,500 for a total of $26,000.

The total contribution limit for both employee and employer contributions to 401(k) defined contribution plans under section 415(c)(1)(A) increased from $56,000 to $57,000 ($63,000 if age 50 or older).

403(b) Plans

The annual elective deferral limit for 403(b) plan employee contributions increased from $19,000 to $19,500 in 2020. Employees age 50 or older may contribute up to an additional $6,500 for a total of $26,000.

The total contribution limit for both employee and employer contributions to 403(b) plans under section 415(c)(1)(A) increased from $56,000 to $57,000 ($63,000 if age 50 or older).

IRAs

The contribution limit for Traditional and Roth IRAs remain the same in 2020 at $6,000. Employees age 50 or older are eligible to contribute an additional $1,000, for a total of $7,000.

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