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On October 26, 2020, the Internal Revenue Service (IRS) updated various dollar limitations that apply to tax-qualified retirement plans for 2021. The new amounts, published in Notice 2020-79, are annually adjusted for cost of living. Despite the potential impact of COVID-19 on employee pay, most of the annual compensation limitations have been adjusted upwards. The annual additions limitation for defined contribution plans (which includes both employee elective deferrals and employer contributions) has been increased,…