On 6 November 2019, the US Internal Revenue Service (IRS) issued Notice 2019-59 with cost-of-living adjustments for pension plans and other retirement-related items under the US Internal Revenue Code (IRC) for the tax year 2020.
The IRS also issued a related News Release (IR-2019-179) dated 6 November 2019.
The 2020 cost-of-living adjustments affect various US pension plans, including section 401(k) plans, individual retirement arrangements (IRAs), simplified employee pensions (SEPs), and SIMPLE retirement accounts.