Three Things to Know About 401(k)s in 2020
March 26, 2020
Workplace retirement plans, including 401(k)s, 403(b)s and 457 plans, provide an important long-term savings tool for many Americans. About 55 percent of U.S. workers across public and private sectors participated in workplace retirement plans in 2018, according to the Bureau of Labor Statistics.
The Internal Revenue Service annually updates contribution limits and rules for 401(k)s and other workplace retirement plans, and its 2020 revision included several important changes. Here is what to know:
• As of Jan. 1, 2020, employees can make elective, pre-tax or Roth contributions up to $1...