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The general contribution limit in 2020 for 401(k) plans will increase to $19,500 (combined for pre-tax and Roth) which is an increase of $500 from 2019. In addition, employees age 50 or older as of December 31, 2020 are able to contribute an extra $6,500 (an increase of $500 from 2019) by making a separate catch-up contribution election. The maximum annual total 401(k) contribution in 2020 will increase to $57,000 in 2020 (an increase of $1,000 from 2019); this limit includes all employee contributions (including mandatory employee contributions to the LLNS Defined Benefit Plan, if applicable) and employer matching and service based contributions (excluding catch-up contributions). The employee compensation that is eligible to be considered in calculating contributions to defined contribution plans (e.g., 401(k) plans), will increase to $285,000. This compensation limit also applies to the eligible compensation that can be recognized in determining Defined Benefit Pension plan benefits.
FINANCIAL EDUCATION WORKSHOPS
Due to the current circumstances, all Financial Workshops are cancelled through April.
For a complete list of the 2020 financial education workshops, click here.