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2021 IRS Retirement Plan Limits

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2021 IRS Retirement Plan Limits
Employee 401(k) contributions for plan year 2021 will once again top off at $19,500 with an additional $6,500 catch-up contribution allowed for those turning age 50 or older. But maximum contributions from all sources (employer and employee combined) will rise by $1,000.

Few defined contribution and defined benefit plan limits will be adjusted upward, the IRS announced on Oct. 26, when it issued Notice 2020-79, with annual cost of living adjustments (COLAs) for employer-sponsored retirement plans and for individual retirement plans (IRAs).


Read the rest of the article:
For 2021, 401(k) Contribution Limit Unchanged for Employees, Up for Employers
SHRM | Oct 2020

IRS releases key retirement plan limits for 2021
Buck Consultants | Oct 2020

Notice 2020-79
Press Release
IRS | Oct 2020

Charts

2021 Benefit Plan Limits and Thresholds Chart
SHRM | Oct 2020

401k and Retirement Plan Limits (2015-2021)
401(k) Help Center | Oct 2020

Related Reading

2021 Wage Cap Rises Modestly for Social Security Payroll Taxes
SHRM | Oct 2020

Fact Sheet: 2021 Social Security Changes
Social Security Administration | Oct 2020

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