403(b) Elective Maximum Deferral Amounts
On November 18, 2019, the IRS announced cost-of-living adjustments (COLAs) affecting the dollar limits for pension plans and other retirement related items for the 2020 tax year. The 403(b) elective maximum deferrals remain unchanged for 2021 and are as follows:
- Elective deferral—$19,500
- Age 50+ Catch up—$6,500 (beyond basic limit of elective deferrals)
- 15 Service Years Catch up—Please contact TIAA for calculation
These maximum deferral amounts are over and above the mandatory 5% employee contribution required (for certain employees) and Bennington College’s employer contribution. For a complete list of the new limits for 2021 visit irs.gov.
Bennington College encourages all employees to consider saving for retirement. To learn more or to receive a Maximum Salary Reduction Calculation, please call TIAA at 800-842-2252 or visit tiaa.org. If you would like to make changes to your supplemental contribution, please fill out the Salary Reduction Agreement and return to firstname.lastname@example.org or Human Resources (Faculty Row 2).