The IRS has updated contribution limits for pension plans and other retirement accounts for the 2020 tax year. See the chart below for details on the new limits for 2020 and prior tax years.
| 2020 | 2019 | 2018 | |
| RETIREMENT PLANS | |||
| Annual Compensation Limits | 285,000 | 280,000 | 275,000 |
| Elective Deferrals 401(k) & 403(b) | 19,500 | 19,000 | 18,500 |
| Catch-up Contributions | 6,500 | 6,000 | 6,000 |
| 457 Elective Deferral | 19,500 | 19,000 | 18,500 |
| Defined Contribution Limits | 57,000 | 56,000 | 55,000 |
| IRAs | |||
| IRA Contribution Limit | 6,000 | 6,000 | 5,500 |
| IRA Catch-Up Contributions | 1,000 | 1,000 | 1,000 |
| SEP | |||
| SEP Maximum Compensation | 285,000 | 280,000 | 275,000 |
| SIMPLE Plans | |||
| SIMPLE Maximum Contributions | 13,500 | 13,000 | 12,500 |
| SIMPLE Catch-up Contributions | 3,000 | 3,000 | 3,000 |
