{"id":13634,"date":"2019-01-15T08:45:05","date_gmt":"2019-01-15T13:45:05","guid":{"rendered":"https:\/\/sourcelive.wordpress.com\/?p=13634"},"modified":"2019-01-15T08:45:05","modified_gmt":"2019-01-15T13:45:05","slug":"retirement-planning-2019-irs-retirement-plan-contribution-limits","status":"publish","type":"post","link":"https:\/\/sourcelive.hr.msu.edu\/?p=13634","title":{"rendered":"Retirement Planning: 2019 IRS Retirement Plan Contribution Limits"},"content":{"rendered":"<p>Could you be saving more for your retirement? Whether you\u2019ve 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\u2019re saving if you want to have a comfortable retirement.<\/p>\n<p>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 2019:<\/p>\n<ul>\n<li>The annual employee contribution amount increased to $19,000 from $18,500 for 403(b) and 457(b) plans.<\/li>\n<li>The age 50 catch-up contribution amount stayed the same and is $6,000 for 403(b) and 457(b) plans.<\/li>\n<\/ul>\n<p>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.<\/p>\n<p>To access this tool:<\/p>\n<p>1. Login to the <a href=\"https:\/\/login.msu.edu\/?App=EBSP-SecPortal\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>EBS Portal <\/strong><\/a>with\u00a0your MSU NetID and password.<\/p>\n<p>2. Click the <strong>My Benefits<\/strong> tab.<\/p>\n<p>3. Click the <strong>Retirement\/Health Savings Account<\/strong> tile.<\/p>\n<p>4. Navigate to the <strong>Savings Plans<\/strong> screen.<\/p>\n<p>5. The <strong>Max Savings Contributions Calculator<\/strong> screen will display. This display will automatically show the remaining amount of retirement contributions you have available (if any) before reaching the IRS limit.<\/p>\n<p>6. You can adjust the percentage of your contributions to any retirement plans you participate in by clicking on the pencil icon.<\/p>\n<p>7. If you want to enroll in a new plan, begin by clicking on the paper icon\u00a0next to the plan and vendor of your choosing, and then enter the percentage of your new contribution.<\/p>\n<p>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.<\/p>\n<p><strong>Learn More About MSU\u2019s Retirement Plans <\/strong><\/p>\n<p>The <strong><a href=\"https:\/\/hr.msu.edu\/benefits\/retirement\/about-retirement-plans.html\" target=\"_blank\" rel=\"noopener noreferrer\">HR website<\/a><\/strong> contains a wealth of information about the different types of retirement plans offered, retirement investment vendors, and planning tools available.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Could you be saving more for your retirement? Whether you\u2019ve 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\u2019re&hellip; <a class=\"continue\" href=\"https:\/\/sourcelive.hr.msu.edu\/?p=13634\">Continue Reading&#8230;<span> Retirement Planning: 2019 IRS Retirement Plan Contribution Limits<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"__cvm_playback_settings":[],"__cvm_video_id":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0},"categories":[2,1],"tags":[95],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pb1fcA-3xU","_links":{"self":[{"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/posts\/13634"}],"collection":[{"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13634"}],"version-history":[{"count":0,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/posts\/13634\/revisions"}],"wp:attachment":[{"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}