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Southern Pension Services Since 1997

Contribution Limits 2020-2021

Limits for Qualified Defined Contribution Plans

Calendar Year
  2020 2021
Employee Salary Deferral Limit to 401(k) Plans
Employee Catch-up Elective Contributions
$19,500
$6,500
$19,500
$6,500
Employee Salary Deferral Limit to 403(b) Plans
Employee Catch-up Elective Contributions
$19,500
$6,500
$19,500
$6,500
Employee Salary Deferral Limit to SIMPLE 401(k) Plans
Employee Catch-up Elective Contributions
$13,500
$3,000
$13,500
$3,000
Defined Contribution Maximum Annual Addition (IRC § 415 (c)) $57,000 $58,000
Definition of Highly Compensated Employees:
Employee Compensation Exceeding (Prior Year)
An employee owning more than (current and prior year)
$130,000
5%
$130,000
5%
Definition of Key Employees:
Officers Earning in Excess of
A more than 1% Owner Earning in Excess of
An employee owning more than
$185,000
$150,000
5%
$185,000
$150,000
5%
FICA Taxable Wage Base $137,700 $142,800
Maximum Compensation Limit $285,000 $290,000
Employer’s Deductible Contributions 25% 25%
 

Southern Pension Services Since 1997

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