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401(k) Contribution Limit Increases to $19,500 for 2020; Catch-Up Limit Rises to $6,500
Internal Revenue Service [IRS] 
[Guidance Overview] Nov. 6, 2019 "The [IRS] today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year.... The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased from $19,000 to $19,500. The catch-up contribution limit for employees aged 50 and over who participate in these plans is increased from $6,000 to $6,500. The limitation regarding SIMPLE retirement accounts for 2020 is increased to $13,500, up from $13,000 for 2019." |
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