The IRS has released additional cost of living adjustments which affect the dollar limits for both retirement and health & welfare plans. Many of the limits have increased from 2019 to 2020 due to an increase in the Consumer Price Index on which these limits are based. Please refer to the table below.

2019 2020
Retirement Limitations
401(k) / 403(b) / 457 Plan Maximum Elective Deferral $19,000 $19,500
Qualified Plan Compensation Limit $280,000 $285,000
Catch-Up Contribution Limit for all plans other than 401(k)(11) and 408(p) plans $6,000 $6,500
Catch-up Contribution Limit for 401(k)(11) and 408(p) $3,000 No change
Highly Compensated Employee Definition $125,000 $130,000
Top Heavy Key Employee Definition $180,000 $185,000
Defined Contribution Annual Additions Limit $56,000 $57,000
Defined Benefit Annual Benefit Limit $225,000 $230,000
Social Security Taxable Wage Base $132,900 $137,700
Flexible Spending Accounts (FSAs)
Health FSA Limit $2,700 $2,750
Dependent Care Account
Married individuals, filing separately $2,500 TBD*
Households $5,000 TBD*
Health Savings Account Limitations (HSAs)
HSA Contribution Limits
Individual $3,500 $3,550
Family $7,000 $7,100
Catch-up $1,000 No change
HDHP Out of Pocket Maximum
Individual $6,750 $6,900
Family $13,500 $13,800
HDHP Minimum Annual Deductible
Individual $1,350 $1,400
Family $2,700 $2,800
Employer Provided Adoption Assistance Programs $14,080 $14,300
Transportation Fringe Programs
Mass Transit Expenses $265/month $270/month
Parking Expenses $265/month $270/month

*Not available at the time of publication. Amounts will be updated when released.