By Nicholas Economos, CRPS® Earlier this month, the Internal Revenue Service announced cost‑of‑living adjustments and increased retirement plan contribution limits for tax year 2020. The IRS raised the 401(k) contribution limit by $500 to $19,500, but the limit on contributions to individual retirement accounts remains $6,000. For plan participants aged 50 and over, the 401(k) catch-up contribution limit will also rise $500 for 2020. As the IRS considers contribution limit changes annually to keep pace with inflation, we highly recommend that retirement plan sponsors encourage…