The maximum pre-tax dollars you can contribute to your 403(b) retirement account will increase to $19,500 for 2020 (an increase of $500 from 2019).
Are you 50 or older?
If you’re 50 or older, you can contribute an additional $6,500 to your 403(b) savings account—known as catch-up contributions. That means you can contribute up to $26,000 (before tax) during 2020.
Want to change your contribution?
- Complete the Voluntary Contributions form to change your contribution. You may elect either a flat dollar amount or a percentage per pay period.
- Submit your form: fax to 718-817-1756 or email to firstname.lastname@example.org.
Changes will be effective on the next payroll, unless you specify a later date on the form.
Note: Human Resources cannot perform calculations on your behalf. Please do not elect “maximum” or put the total annual amount as your election. You must include a per payroll amount.
For questions about voluntary contribution limits or the retirement plan program, please contact the Office of Human Resources Management at 718-817-4930 or at email@example.com.