The Social Security Administration announced that that the 2020 social security wage base will be $137,700, which is an increase of $4,800 from $132,900 in 2019.
Pension Plan Limits
IRC §415, which provides for dollar limits on benefits and contributions under qualified retirement plans, also requires that the IRS annually adjust these limits for cost-of-living changes. The IRC also requires various other amounts to be adjusted at the same time and in the same manner as these dollar limits.
The limitation on the exclusion for elective deferrals under §401(k), §403(b), and §457(b) plans increases to $19,500 for 2020 (from $19,000).
COLAs for FSA Deferrals, Transportation Fringes, and More
For plan years beginning in 2020, the dollar limitation for voluntary employee salary reductions for contributions to health FSAs increases to $2,750 (from $2,700 in 2019). For 2020, the amounts that may be excluded from gross income for employer-provided qualified transportation fringe benefits and qualified parking have both increased to $270 per month (from $265 in 2019).
Courtesy of the APA