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Defined contribution plans: The contributionlimit on self-directed workplace retirement plans including401(k)s, 403(b)s, most 457 plans, and the federal government'sThrift Savings Plan will increase by $500 in 2020, from $19,000 to$19,500, according to the IRS.

The catch-up contribution limit for employees age 50 and over indefined contribution plans will increase from $6,000 to $6,500.

Related: IRS announces 2020 HSA limits

IRA plans: Individual retirement investors willnot realize an increase to the savings limit next year; the limiton IRA contributions will remain at $6,000, and the catch upcontribution cap will remain at $1,000.

Total DC contributions: The limit on totalcontributions to a defined contribution plan, including electiveemployee deferrals, employer matches, and non-elective deferrals,increases $1,000, to $57,000.

Cap on SIMPLE plans: The cost of livingadjustment to the cap on SIMPLE workplace plans will also increase,from $13,000 to $13,500.

Income limits: The limits on income that allowhouseholds or individuals to deduct contributions to IRAs, RothIRAs, and to qualify for the Savers Credit also all increased:

–For single taxpayers covered by a workplace retirement plan,the phase-out range is $65,000 to $75,000, up from $64,000 to$74,000.

–For married couples filing jointly, where the spouse making theIRA contribution is covered by a workplace retirement plan, thephase-out range is $104,000 to $124,000, up from $103,000 to$123,000.

–For an IRA contributor who is not covered by a workplaceretirement plan and is married to someone who is covered, thededuction is phased out if the couple's income is between $196,000and $206,000, up from $193,000 and $203,000.

–For a married individual filing a separate return who iscovered by a workplace retirement plan, the phase-out range is notsubject to an annual cost-of-living adjustment and remains $0 to$10,000.

Individuals and heads of households can contribute to a Roth IRAif their income is below a set threshold. The phase-out range willincrease to $124,000 to $139,000, up from $122,000 to $137,000. Formarried couples filing jointly, the phase out range increases to$196,000 to $206,000, up from $193,000 to $203,000.

Defined benefit plan changes:

• Beginning January 1, 2020, the limit on annual benefits fromdefined benefit plans will increase $5,000, to $230,000.
• The annual compensation limit to determine defined benefitpayments increases from $280,000 to $285,000.
• The "key employee" dollar definition in a top-heavy planincreases from $180,000 to $185,000.
• The dollar limit for defining a "highly compensated employee"increases from $125,000 to $130,000.
• The level of plan assets that determine whether a collectivelybargained multi-employer plan is systemically important increases$38 million, to $1.097 billion.

AGI limits for determining savers credit:

For married couples, the adjusted gross income limitation fordetermining the maximum retirement savings contribution creditincreases $500, to $39,000.

The 50 percent credit rate drops to 20 percent at $42,500, a$1,000 increase. The 10 percent-of-contribution credit is phasedout at $65,000, also up from $1,000.

READ MORE:

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• IRS bumps up 401(k) contributions for2019
• 5 FAQs on Social Security Administration "no match"letters
• 5 things employees need to know about FSAs for openenrollment