The contribution limits for employees who participate in the voluntary 403(b) and 457(b) plans has increased from $19,000 to $19,500 in 2020; and the catch-up contribution limit for employees age 50 and over who participate in these plans also increased from $6,000 to $6,500.
This means if you are under age 50 in 2020, the maximum amount you may contribute into your voluntary retirement plan is $19,500. If you are age 50 or above, the maximum amount you may contribute is $26,000 ($19,500 plus $6,500 catch-up). Employees interested in changing their retirement contribution amount should contact the Human Resources Department at x2470 or e-mail Ms. Kristen Bjorne at firstname.lastname@example.org and request a Salary Reduction Agreement.
Blue Cross Blue Shield of Michigan (BCBSM) is continuing their Sign Up and Give Back campaign to support Breast Cancer Awareness Month (October) and Diabetes Awareness Month (November). BCBSM will donate $5.00 to one of three charities for each newly registered member account they receive from October 1st to November 30th. Please see the Give Back Flyer for more details. If you have not already registered for an online account, this is a great opportunity to do so and at the same time make a positive impact for someone else.