December 9, 2019
Human Resources announces IRS retirement contribution limits for 2020
Annually, the IRS determines retirement plan contribution limits for the upcoming year. Recently released 2020 limits will allow employees to set aside more to their tax-favored retirement plans in 2020.
For 2020, the voluntary 403(b) and 457(b) plan limits are $19,500 per plan, up from $19,000 in 2019.
For both voluntary plans, employees who are at least 50 years old during the calendar year may make additional catch-up contributions. For 2020, the maximum catch-up contribution will increase to $6,500, up from $6,000 in 2019.
To access account information and make changes, log onto Fidelity Net Benefits. Visit the Fidelity website or contact the local Fidelity Investor Center at 800-544-6868 for assistance.