IRS Announces new SRA Limits for 2020

Wed, 27 Nov 2019 12:37:24 -0500
benefits

2020 Supplemental Retirement Account (SRA) Limits

The IRS recently announced the employee contribution limits into an SRA will increase in 2020, more details are outlined in the following memo.

Employees under age 50: $19,500 is the 2020 IRS contribution maximum into a 401k and/or 403b. Employees can also contribute up to an additional $19,500 into a 457, for a combined maximum of $39,000 in 2020.

Employees age 50 or older: $26,000 is the 2020 IRS contribution maximum into a 401k and/or a 403b. Employees can also contribute up to an additional $26,000 into a 457b, for a combined maximum of $52,000 in 2020.

Originals of the SRA Change Form(s) to change SRA contributions for the first paycheck in January (1/10/2020) are due to HR by December 12, 2019. Forms, Deadlines, and contribution limits can be found on the HR Website under Benefits.