The tax law places limits on the dollar amount of contributions to retirement plans and IRAs and the amount of benefits under a pension plan. The Internal Revenue Code (IRC) requires the limits to be adjusted annually for cost-of-living increases. INTAC is pleased to present this table for your convenience.
Annual Compensation and Contribution Limits for Qualified Retirement Plans
| |
2021 |
2020 |
2019 |
2018 |
|
401(k) and 403(b) Deferral Limit
|
19,500 |
19,500 |
19,000 |
18,500 |
|
457 Deferral Limit
|
19,500 |
19,500 |
19,000 |
18,500 |
|
401(k), 403(b), 457 Catch-up Contribution Limit
|
6,500 |
6,500 |
6,000 |
6,000 |
|
SIMPLE Deferral Limit
|
13,500 |
13,500 |
13,000 |
12,500 |
|
SIMPLE Catch-up Contribution Limit
|
3,000 |
3,000 |
3,000 |
3,000 |
|
Annual Compensation Limit
|
290,000 |
285,000 |
280,000 |
275,000 |
|
Defined Benefit 415 Limit
|
230,000 |
230,000 |
225,000 |
220,000 |
|
Defined Contribution 415 Limit
|
58,000 |
57,000 |
56,000 |
55,000 |
|
Dollar Limit for HCEs
|
130,000 |
130,000 |
125,000 |
120,000 |
|
Dollar Limit for Key Employee
|
185,000 |
185,000 |
180,000 |
175,000 |
|
Social Security Taxable Wage Base
|
142,800 |
137,700 |
132,900 |
128,400 |