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IRS sets 2020 contribution limits for 403(b) plans

You can view, make changes to, or enroll in a Johns Hopkins University retirement plan at any time during the year

The Internal Revenue Service announced on Wednesday the annual 403(b) limits for 2020. They are as follows:

  • Pre-tax elective deferral: $19,500 (was $19,000 in 2019)
  • Age 50 and over catch-up: $6,500 (was $6,000 in 2019)
  • Overall by employer/employee: $57,000 (was $56,000 in 2019)
  • Annual compensation limit: $285,000 (was $280,000 in 2019)

You are able to view, make changes to, or enroll in a Johns Hopkins University retirement plan at any time during the year using the online Retirement Choice portal available from the myChoices Retirement Enrollment tab on the Benefits & Worklife homepage.

Representatives from Fidelity, TIAA, and Vanguard are available on our campuses to meet with faculty, staff, and bargaining members. The individual financial counseling sessions are free of charge. Contact the investment company directly to make your appointment; the schedule and contact information is available on the Benefits & Worklife website.

Should you need assistance with the online portal, contact the JHU Retirement Center at TIAA at 888-200-4074. For general plan-related questions, call the Johns Hopkins Benefits Service Center at 410-516-2000 or email benefits@jhu.edu.

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Tagged hr newswire