2020 earnable compensation and contribution limits
For 2020, the IRS has changed the annual earnable compensation and contribution limits used to calculate benefits payable to members of tax-qualified plans like TRSL.
Limits for calendar year 2020:
- Members who joined TRSL before July 1, 1996: Compensation limit will increase to $425,000.
- Members who joined TRSL on or after July 1, 1996: Compensation limit will increase to $285,000.
- Optional Retirement Plan (ORP) participants: Contribution limit will increase to $57,000 (includes both employer and employee contributions to ORP carrier).