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 for 2020 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 2020 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).