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Frequently Asked Questions

What are the 401 (k) plan limits for 2021?

allocations of forfeitures; Deferral limits for 401(k) plans The limit on employee elective deferrals (for traditional and safe harbor plans) is: $19,500 in 2021 and 2020 ($19,000 in 2019), subject to cost-of-living adjustments

What are the limits on 401 (k) contributions?

Contributions and allocations are limited. Contributions to a 401(k) plan must not exceed certain limits described in the Internal Revenue Code. The limits apply to the total amount of employer contributions, employee elective deferrals and forfeitures credited to the participant’s account during the year.

What is the limit on elective deferrals to a SIMPLE 401 (k)?

The limit on employee elective deferrals to a SIMPLE 401 (k) plan is: $13,500 in 2021 and 2020 ($13,000 in 2019) This amount may be increased in future years for cost-of-living PDF adjustments.

How long do you have to be 21 to get 401k?

Has reached age 21 Has at least 1 year of service (A traditional 401 (k) plan may require 2 years of service for eligibility to receive an employer contribution if the plan provides that after not more than 2 years of service the participant is 100% vested in all plan account balances.


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