Learn about benefit plan contribution limits for 2021.
To ensure continued compliance employers who offer benefit plans need to prepare for plan limit adjustments. We've created a reference guide with the updated benefit plan limits for 2020 and 2021.
Note: The Federal government has not released complete details surrounding contribution limits for all plans. We will continue to monitor and update this section as new details become available.
Benefit plan limits
The following table provides updated benefit plan limits and displays the limits for previous years.
|Type||2020 - 2021|
401(k), 403(b), 457(b), SARSEP 408(b)(6)
|Catch-Up Contributions (for plan types listed above)||$6,500|
|After-tax Roth 401(k), 403(b), 457(b)||$19,500|
|SIMPLE IRA Catch-Up||$3,000|
|Business Standard Mileage Rate||56 cents/mo.|
|Health Flexible Spending Accounts||$2,750|
|Social Security Taxable Wage Base||$142,800|
*Official guidance for adjustments or retroactive increases for benefits:
To learn more about the IRS standard mileage rates, visit IRS issues standard mileage rates for 2020.
Additional information about benefit plan limits
For more information about benefit plans and plan limits, see the following articles: