Alert / Retirement, Employee Benefits
IRS announces benefit plan limits for 2020

The IRS has announced welfare and retirement benefit plan limits for 2020. There are many sections in the Tax Code that limit the amount of tax-favored welfare and retirement benefits an employer may provide or an employee may receive. The IRS updates these limits annually to account for inflation.

Here are the limits for 2020 and the corresponding limits for 2019. Note that regulators previously issued guidance updating the limits for health savings accounts and their corresponding high deductible health plans, as well as certain health reform-related fees, penalties and limits. Those updates are included as well.

Please click the image for a printable version of the 2020 retirement and welfare benefit plan limits.

 

Not Legal Advice: Nothing in this Update should be construed as legal advice. Lockton may not be considered your legal counsel and communications with Lockton Companies are not privileged under the attorney-client privilege.

The communication is offered solely for discussion purposes. Lockton does not provide legal or tax advice. The services referenced are not a comprehensive list of all necessary components for consideration. You are encouraged to seek qualified legal and tax counsel to assist in considering all the unique facts and circumstances. Additionally, this communication is not intended to constitute US federal tax advice, and is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code or promoting, marketing, or recommending any transaction or matter addressed herein to another party.

This document contains the proprietary work product of Lockton Companies and is provided on a confidential basis. Any reproduction, disclosure, or distribution to any third party without first securing written permission is expressly prohibited.

Investment advisory services offered through Lockton Investment Advisors, LLC, an SEC-registered investment advisor. For California, Lockton Financial Advisors, LLC, d.b.a. Lockton Insurance Services, LLC, license number 0G13569.

    
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