Retirement Contribution Limits Announced for 2020

The IRS has announced that the 403(b) and 457 plan regular elective deferral contribution limits will increase for 2020. 

• The regular elective deferral limit will be $19,500 per calendar year, previously $19,000. 
• The catch-up contribution limit for employees age 50 and over will be $6,500 per calendar year, previously $6,000. 

Both the 403(b) and 457 plans offer additional catch-up contribution provisions. A calculation is required to determine the actual amount, if any, available under these special catch-up provisions. If you have any questions, contact Steve Jordan, Senior Payroll Specialist, at ext. 14908.