{"id":14710,"date":"2020-01-15T08:30:00","date_gmt":"2020-01-15T13:30:00","guid":{"rendered":"https:\/\/sourcelive.hr.msu.edu\/?p=14710"},"modified":"2020-01-15T08:10:30","modified_gmt":"2020-01-15T13:10:30","slug":"retirement-planning-2020-irs-retirement-plan-contribution-limits","status":"publish","type":"post","link":"https:\/\/sourcelive.hr.msu.edu\/?p=14710","title":{"rendered":"Retirement Planning: 2020 IRS Retirement Plan Contribution Limits"},"content":{"rendered":"\n<p>Could you be saving more for your retirement? Whether you\u2019ve\njust started working at MSU or have been here for 30+ years, it is important\nthat you continue to monitor and adjust how much you\u2019re saving if you want to\nhave a comfortable retirement.<\/p>\n\n\n\n<p>The IRS places limits on how much employees can contribute\nto a retirement plan each year. The IRS recently announced the retirement plan\nlimits for 2020:<\/p>\n\n\n\n<ul><li>The annual employee contribution amount increased to $19,500 from $19,000 for 403(b) and 457(b) plans.<\/li><li>The age 50 catch-up contribution amount increased to $6,500 from $6,000 for 403(b) and 457(b) plans.<\/li><\/ul>\n\n\n\n<p>If you want to save as much as you can for your retirement,\nthere is a tool in the EBS Portal called the Max Savings Contributions\nCalculator available to assist you. This tool automatically displays the\nremaining amount of retirement contributions you have available before reaching\none of the limits, and the equivalent percentage of your pay to help you spread\nthat out for the year.<\/p>\n\n\n\n<p>To access this tool:<\/p>\n\n\n\n<p>1. Login to the&nbsp;<strong><a href=\"https:\/\/ebs.msu.edu\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">EBS Portal&nbsp;<\/a><\/strong>with&nbsp;your MSU NetID and password.<\/p>\n\n\n\n<p>2. Click the&nbsp;<strong>My Benefits<\/strong>&nbsp;tab at the top.<\/p>\n\n\n\n<p>3. Click the&nbsp;<strong>Benefit\/Retirement<\/strong>&nbsp;tile.<\/p>\n\n\n\n<p>4. Select <strong>Enroll\/Change\nmy Retirement\/Health Savings Account Options<\/strong> in the drop-down menu and then\nclick <strong>Next<\/strong> in the bottom right.<\/p>\n\n\n\n<p>5. Navigate in the bar graph to the&nbsp;<strong>Savings Plans<\/strong>&nbsp;screen\nby clicking <strong>Next<\/strong> in the bottom right.<\/p>\n\n\n\n<p>6. The&nbsp;<strong>Max Savings Contributions Calculator<\/strong>&nbsp;screen\nwill display. This display will automatically show the remaining amount of\nretirement contributions you have available (if any) before reaching the IRS\nlimit.<\/p>\n\n\n\n<p>7. You can adjust the percentage of your contributions to\nany retirement plans you participate in by clicking on the pencil icon, and\nthen choose <strong>Select<\/strong> to make the\nchange.<\/p>\n\n\n\n<p>8. If you want to enroll in a new plan, begin by clicking on\nthe paper icon&nbsp;next to the plan and vendor of your choosing, and then enter\nthe percentage of your new contribution and choose <strong>Select<\/strong> to enroll.<\/p>\n\n\n\n<p>9. Make sure to click on <strong>Save<\/strong> in the bottom right to complete and save any\nchanges\/enrollments.<\/p>\n\n\n\n<p>If you are an academic year faculty or academic staff\nemployee, or a Voluntary 403(b) Base participant age 50 and over, contact the\nHR Solutions Center at 517-353-4434 or SolutionsCenter@hr.msu.edu for further\nassistance in calculating your maximum contribution percentage.<\/p>\n\n\n\n<p><strong>Learn More About MSU\u2019s Retirement Plans&nbsp;<\/strong><\/p>\n\n\n\n<p>The&nbsp;<strong><a href=\"https:\/\/hr.msu.edu\/benefits\/retirement\/about-retirement-plans.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (HR website)\">HR website<\/a><\/strong>&nbsp;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=14710\">Continue Reading&#8230;<span> Retirement Planning: 2020 IRS Retirement Plan Contribution Limits<\/span><\/a><\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","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],"tags":[278,277,276,275,95,279,192],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pb1fcA-3Pg","_links":{"self":[{"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/posts\/14710"}],"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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14710"}],"version-history":[{"count":4,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/posts\/14710\/revisions"}],"predecessor-version":[{"id":14733,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/posts\/14710\/revisions\/14733"}],"wp:attachment":[{"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}