Events

Monday, December 16

2020 Retirement Plan Limits

2020 Retirement Plan Limits

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 kportale@nmu.edu and request a Salary Reduction Agreement.

Monday, December 16