Page 169 - FebDefComp

News & Views | Q1 2020 Page 4 of 4

IRS Authorizes New Contribution Limits for 2020

The Internal Revenue Service has authorized an increase to the amount a person can contribute to retirement savings plans.
The new limits are

Plan Normal Limit “Age 50” Catch-up Limit “Pre-retirement” Catch-up Limit

457 $19,500 $6,500 $19,500

401(a) $57,000 N/A N/A

401(k) $19,500 $6,500 N/A
403(b) $19,500 $6,500 $15,500 lifetime cap

NFP GOVERNMENTAL RETIREMENT PLAN EXPERTISE

Bill Tugaw is the governmental plan practice leader for NFP. He has assisted public
sector employers in meeting the fiduciary obligations associated with operating
their plans for more than 30 years. Bill is a faculty instructor for the International
Foundation of Employee Benefit Plans (IFEBP) on public sector
457(b), 401(a) and 403(b) plans. Bill is frequently invited to lecture on employee
benefits, post-employment health plan options, requests for disclosure and
requests for proposals. Bill is co-author of two books: Deferred Compensation /
Defined Contribution: New Rules / New Game for Public and Private Plans, and Defined
Contribution Decisions: The Education Challenge.

bill.tugaw@nfp.com | P: 650.888.8983

About NFP

NFP is a leading insurance broker and consultant that provides employee benefits, property and casualty, retirement,
and individual private client solutions through our licensed subsidiaries and affiliates. Our expertise is matched by our
commitment to each client’s goals and is enhanced by our investments in innovative technologies in the insurance
brokerage and consulting space.

NFP has more than 5,400 employees and global capabilities. Our expansive reach gives us access to highly rated
insurers, vendors and financial institutions in the industry, while our locally based employees tailor each solution to
meet our clients’ needs. We’ve become one of the largest insurance brokerage, consulting and wealth management
firms by building enduring relationships with our clients and helping them realize their goals.

For more information, visit nfp.com.

This material was created to provide accurate and reliable information on the subjects covered but should not be regarded as a complete
analysis of these subjects. It is not intended to provide specific legal, tax or other professional advice. The services of an appropriate
professional should be sought regarding your individual situation.
Investment advisory services offered through NFP Retirement, Inc., a registered investment adviser.
ACR# 338677 NFPR-2020-23