IRS Announces Employee Benefit Plan Limits for 2020
OVERVIEW
Many employee benefits are subject to annual dollar limits that are periodically increased for inflation. The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the annual dollar limits for various welfare and retirement plan limits for 2020. Although some of the limits will remain the same, most of the limits will increase for 2020.
The annual limits for the following commonly offered employee benefits will increase for 2020:
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