Retirement

Retirement Planning

Retiring Employees

Retirement Plans

Basic Retirement Plan 401(a) Supplemental Retirement Plan 403(b) Deferred Compensation Plan 457(b)

2020 Annual Limits 

The IRS has announced the 2020 annual limits for the 403(b) and the 457(b) retirement plans. The 2019 maximums are as follows:

For the 403(b) plan, the annual limit is $19,500 for those under the age of 50 and $26,000 for those 50 and older.

For the 457(b) plan, the annual limit is $19,500 for those under the age of 50 and $26,000 for those 50 and older. In order to participate in the 457(b) plan, a faculty or staff member must be on target to max out their 403(b) plan for the 2020 year.