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Voluntary retirement savings plan limits increase for 2020

UF’s voluntary retirement savings plans may help increase your retirement security with the added benefits of pre-tax investing. The plans allow you to “defer,” or delay, receiving a portion of your income until a later date, generally when you retire.

The IRS recently announced that 2020 contribution limits for the 403(b) and 457 voluntary retirement savings plans will increase to $19,500. The catch-up contribution limit for employees aged 50 and older who participate in these plans will increase from $6,000 to $6,500. More information on the increased limits is available on the IRS website and the State of Florida’s Deferred Compensation website.

If you are interested in contributing to a voluntary savings plan, you can find more information on the UFHR Benefits website. Current 403(b) participants may increase contributions by completing a new Salary Reduction Agreement (SRA). Participants may increase 457 plan contributions by visiting the Florida Deferred Compensation website.

Published: December 11th, 2019

Category: Benefits, News