Phone(315)437-2484   Email [email protected]   Location5015 Campuswood Dr, Ste 204, E. Syracuse, NY
Employee Benefits Syracuse NY Insurance, Retirement Specialists in Syracuse NY

COLA Limits

Plan/IRA Limits 2020 2019 2018
401(k), 403(b), and SARSEP maximum deferral $19,500 $19,000 $18,500
457 maximum deferral $19,500 $19,000 $18,500
Catch-up for 401(k), 403(b), SARSEP, and 457 $6,500 $6,000 $6,000
SIMPLE election maximum deferral $13,500 $13,000 $12,500
Catch-up for SIMPLE $3,000 $3,000 $3,000
Defined Benefit-annual benefit $230,000 $225,000 $220,000
Defined Contribution-annual contributions $57,000 $56,000 $55,000
IRA limit $6,000 $6,000 $5,500
IRA catch-up $1,000 $1,000 $1,000
Compensation Limits 2020 2019 2018
Maximum compensation $285,000 $280,000 $275,000
SEP annual compensation floor $600 $600 $600
Highly Compensated Employees 2020 2019 2018
Any employee compensation $130,000 $125,000 $120,000
Key Employees 2020 2019 2018
Officer compensation $185,000 $180,000 $175,000
1% owner $150,000 $150,000 $150,000
Covered Compensation Limits 2020 2019 2018
Social Security $137,700 $132,900 $128,400
IRA Phase-out Range and Limits 2020 2019 2018
Single Covered by employer plan
$65,000-75,000
$64,000-74,000
$63,000-73,000
Married filing jointly Covered by employer plan
$104,000-124,000
$103,000-123,000
$101,000-121,000
Married filing jointly Not covered but spouse is covered
$196,000-206,000
$193,000-203,000
$189,000-199,000
Roth IRA Phase-out Range and Limits 2020 2019 2018
Single
$124,000-139,000
$122,000-137,000
$120,000-135,000
Married filing jointly
$196,000-206,000
$193,000-203,000
$189,000-199,000

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