July 2020 Vol. I, Issue 1
2020 Retirement and Health Plan Contribution Limits
The IRS limits for employee personal contributions to retirement plans in 2020 are as follows:
- $19,500 in before-tax and/or Roth contributions
- An additional $6,500 if age 50 or over by year end (totaling $26,000)
- An additional up to $3,000 with 15+ years of service at your current employer or United Methodist-related organizations
- Interested participants should call 1-800-851-2201 for details.
- The total of all contributions to a retirement plan (employee and employer) cannot exceed the lesser of $57,000 or 100% of IRC Section 415 compensation.
If you offer an HSA health plan (i.e., high-deductible plan), participants can contribute the following amounts to their health savings accounts:
- $3,550/individual or $7,100/family
- +$1,000 if age 55 or over by year end
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