IRS Announces 2020 Benefit Plan Limit Adjustments | Practical Law
In Notice 2019-59, the Internal Revenue Service (IRS) announced cost-of-living adjustments affecting the 2020 dollar limits for tax-qualified retirement plans. In Revenue Procedure 2019-44, the IRS announced cost-of-living adjustments for certain limits under fringe benefit and other health and welfare arrangements governed by the tax code. The Pension Benefit Guaranty Corporation (PBGC) issued updated premium rates for 2020, and the Social Security Administration (SSA) announced an increase in the Social Security wage base for 2020.