Whether you’ve just started working at MSU or have been here for 30+ years, it is important that you continue to monitor and adjust how much you’re saving if you want to have a comfortable retirement.

The IRS places limits on how much employees can contribute to a retirement plan each year. The IRS recently announced the retirement plan limits for 2021:

• The annual employee contribution amount continues to be $19,500 for 403(b) and 457(b) plans.
• The age 50 catch-up contribution amount continues to be $6,500 for 403(b) and 457(b) plans.

If you want to save as much as you can for your retirement, there is a tool in the EBS Portal called the Max Savings Contributions Calculator available to assist you. This tool automatically displays the remaining amount of retirement contributions you have available before reaching one of the limits, and the equivalent percentage of your pay to help you spread that out for the year.

To access this tool:

1. Login to the EBS Portal with your MSU NetID and password.
2. Click the My Benefits tab at the top.
3. Click the Benefit/Retirement tile.
4. Select Enroll/Change my Retirement/Health Savings Account Options in the drop-down menu and then click Next in the bottom right.
5. Navigate in the bar graph to the Savings Plans screen by clicking Next in the bottom right.
6. The Max Savings Contributions Calculator screen will display. This display will automatically show the remaining amount of retirement contributions you have available (if any) before reaching the IRS limit.
7. You can adjust the percentage of your contributions to any retirement plans you participate in by clicking on the pencil icon, and then choose Select to make the change.
8. If you want to enroll in a new plan, begin by clicking on the paper icon next to the plan and vendor of your choosing, and then enter the percentage of your new contribution and choose Select to enroll.
9. Make sure to click on Save in the bottom right to complete and save any changes/enrollments.

If you are an academic year faculty or academic staff employee, or a Voluntary 403(b) Base participant age 50 and over, contact the HR Solutions Center at 517-353-4434 or SolutionsCenter@hr.msu.edu for further assistance in calculating your maximum contribution percentage.

Learn More About MSU’s Retirement Plans 

The HR website contains a wealth of information about the different types of retirement plans offered, retirement investment vendors, and planning tools available.