The Internal Revenue Service (IRS) announced new contributions limits for 457(b), 401(k), and 403(b) retirement plans for calendar year 2020.
2020 MNDCP Annual Maximum Contribution Limits
| Participant Age | Maximum Limit |
|---|---|
| Under Age 50 | $19,500 |
| Age 50 & Over | $26,000 |
| Catch-Up Provision | $39,000 |
*The Catch-Up Provision permits participants within three years of normal retirement age and under certain conditions to contribute up to $39,000 in 2020 Contact Us to speak with a retirement plan specialists for complete information