IRS Announces 2021 Contribution and Benefit Limits for Retirement Plans The IRS has announced the 2021 cost-of-living adjustments to the dollar limitations for defined benefit and defined contribution plans. Here is a comparison of the 2020 limits and the new limits effective January 1, 2021: Limit 2020 2021 Defined Contribution Plans (Including employee deferral and employer contributions) $57,000 $58,000 401(k) and 403(b) Elective Deferrals (always on a calendar-year basis) $19,500 $19,500 457(b) Plans (Including employee deferral and employer contributions) $19,500 $19,500 15-Year Catch-Up for 457(b) Governmental Plans $3,000 $3,000 Catch-Up Contribution (age 50 or over) Not available in non-governmental 457(b) Plans $6,500 $6,500 Annual Compensation Limit (100% of compensation if less than dollar limit – limits different for Puerto Rico) $285,000 $290,000 Highly Compensated Employee $130,000 $130,000

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