Savicom

Newsletter for October 27, 2020

We are a knowledge service that finds, reviews, selects, organizes, and shares the most appropriate, relevant, and fresh information for professionals involved with 401k and 403b plans.

This weekly newsletter is just one method we utilize to circulate a small part of the information we processed this past week.

Click Here for Our Resource Page on Retirement Plans and the Coronavirus Pandemic

2021 Retirement Plan Limits Announced

Late yesterday, the Internal Revenue Service announced the retirement plan contribution limit cost-of-living adjustments for 2021. As we reported yesterday, the basic salary deferral amount for 401k and similar workplace plans will remain unchanged at $19,500.

The IRS announced this and other changes in Notice 2020-79. This guidance provides the cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year 2021.

A chart and highlights of the changes can be found here.

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Portland, Oregon 97219