Voluntary retirement plan contribution limits for 2020
Virginia Tech employees have many retirement plan options, including voluntary plans such as the university's Deferred Savings Program (the “403(b) Plan”) and the Commonwealth of Virginia’s Deferred Compensation Plan (the “457(b) Plan”).
All Virginia Tech employees are eligible to participate in one or both of these voluntary plans, which provide additional ways to save money toward retirement. Contributions can be made through pre-tax or after-tax payroll deductions. Employee contributions and any applicable matching employer contributions in your 403(b) and 457(b) plan are immediately 100 percent vested.
Below are the 2020 IRS maximum annual limits for contributions to a 403(b) Plan and a 457(b) Plan:
- Under age 50: $19,500 (Increased from $19,000 in 2019)
- Age 50 or older: $26,000 (Increased from $25,000 in 2019)
If you wish to enroll, or are already participating and wish to make changes to current contributions, visit the 403(b) tax deferred savings plan page and the 457(b) deferred compensation plan page for more information. If you have questions, contact the HR Service at email@example.com or 540-231-9331.