Results for Retirement Savings Plan
The IRS puts limits on how much individuals can contribute to employer-sponsored 401(k) plans.
The limits are as follows:
Your Contributions: $19,500
Catch-up Contributions (if age 50 or older in 2020): $6,500
Total Annual Contributions: $57,000
Maximum Eligible Compensation (maximum amount of compensation eligible for contributions to the plan): $285,000
Understanding IRS Limits
It’s important to understand these limits and how they may affect any future contributions to your Retirement Savings Plan account. Different rules also apply for highly compensated employees. For more information on IRS limits and how they may affect you, please consult the Retirement Savings Plan Summary Plan Descriptions or call the RASC.