The Internal Revenue Service has announced the dollar limitations for retirement plans for the 2021 tax year. The 403(b) & 457(b) contribution limits remain unchanged at $19,500 with an age 50 catch-up contribution, which also remains unchanged at $6,500.
Employees wanting to enroll into a Supplemental Retirement Account or make changes to an existing account may do so at any time. The deadline to submit SRA changes or new account enrollments to begin on the first pay in January 2021 (Jan. 15) is Dec. 16 at 5 p.m. All forms should be submitted to Shared Services.
Visit Shared Services for additional information or call 304-293-6006.