403(b) and 401(k) Retirement Plans
Limit Type
Basic Limit1,2
Salary Reduction Contributions1,2,3
Over 50 Catch-Up Contributions1,3
2021
$58,000
$19,500
$6,500
2020
$57,000
$19,500
$6,500
457(b) Plans
Limit Type
457(b) Plan Limit1,2
2021
$19,500
2020
$19,500
Traditional and Roth IRAs
Limit Type
Traditional/Roth IRA Contributions1
Over 50 Catch-Up Contributions
2021
$6,000
$1,000
2020
$6,000
$1,000
Details on these and other retirement-related cost-of-living adjustments for 2021 are in Notice 2020-79.
To find out more about your different retirement contribution options with the Board of Retirement, click here. If you would like to increase your contributions to your Board of Retirement plan, fill out a new salary reduction agreement and turn it into your employer (and then send us a copy). If you have any questions, you can contact our office at 877-767-7738.
1The IRS may adjust future limits annually for inflation.
2The maximum contribution is the lesser of 100% of compensation or this limit. For ministers, housing allowance is not included as taxable compensation.
3Includes employee salary reduction contributions and Roth elective deferral contributions.
