Results for Retirement Savings Plan

IRS Limits

The IRS puts limits on how much individuals can contribute to employer-sponsored 401(k) plans.

The limits are as follows:

For 2020:

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.