Annual Defined Contribution Plan Limits

 20202019
401(k) Pre-Tax or ROTH Deferral Limit (under age 50) $19,500.00 $19,000.00
401(k) Pre-Tax or ROTH Deferral Limit (age 50 or older) $26,000.00 $25,000.00
Total Defined Contribution Plan Limit (415 limit) (under age 50) $57,000.00 $56,000.00
Total Defined Contribution Plan Limit (415 limit) (age 50 or older) $63,500.00 $62,000.00
Maximum Compensation Recognized $285,000.00 $280,000.00
Compensation Threshold for Determining HCE Status
(definition looks at prior plan year compensation and prior plan year limit) Example:
To be an HCE in 2020, employee received $125,000 or more in compensation during 2019
$130,000.00 $125,000.00

For more information on Carpenter Morse Group, contact us today!