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Indexed Dollar Figures for Employee Benefit Plans

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Indexed Dollar Figures for Employee Benefit Plans

Current and previous IRS indexed dollar limits for tax qualified employee benefit plans

DEFINED CONTRIBUTION 403(b) RETIREMENT PLANS 2020 2019
Maximum elective deferral by employee $ 19,500 $ 19,000
Catch-up contribution limit (age 50 and over during year)      6,500      6,000
Limit on 403(b) lifetime catch-up*      3,000      3,000
Annual defined contribution maximum (employer & employee combined)**    57,000    56,000
Employee annual compensation limit for calculating contributions  285,000  280,000
*Available to employees with 15 or more years of service who have contributed, on average, no more than $5,000 a year to their 403(b) plan. This catch-up provision allows participants to contribute up to $3,000 per year (up to lifetime catch-up limit of $15,000) in addition to the regular contribution limit.
** This is the limit on tax-deferred contributions made on behalf of an individual from all sources.
OTHER LIMITS 2020 2019
Highly compensated employee annual compensation threshold  130,000  125,000
Social Security (FICA) taxable wage base (6.2% OASDI tax)  137,700  132,900