401(k) & Roth 401(k) Annual Contribution Limits increased for 2020
February 12, 2020
The IRS limits the amount employees and employers can contribute to a 401(k) on an annual basis. For 2020, the IRS has increased the amount employees can contribute: The pre-tax and Roth 401(k) contribution limit has increased for 2020 from $19,000 to $19,500 while the “catch up” contributions for those aged 50 or older during the year has been increased from $6,000 to $6,500 raising the limit for those 50 or older to $26,000 for 2020.
If you have additional questions, consider contacting the Fidelity Service Center for United Employees at 800 245 9034.