The 2020 IRS annual limits for employee benefit plans have been published, including the following:
- The maximum retirement plan annual elective deferral increased to $19,500, and the catch-up contribution (age 50+) increased to $6,500.
- The health FSA plan year maximum employee election increases from $2,700 to $2,750. Employers who want to apply the increase at renewal should contact their TPA.
- The HSA calendar year maximum contribution increases from $3,500 to $3,550 for single coverage and from $7,000 to $7,100 for family coverage.
- The transit and parking limits increase to $270 per month for each account.
Click here for our detailed table of IRS employee benefit plan limits.