2020 retirement plan contributions were recently announced and the contribution limits will increase in 2020 as follows:
Annual maximum participant contributions will increase from $19,000 to $19,500.
For participants age 50 or older in 2020, the annual catch-up contribution will increase from $6,000 to $6,500, which is a maximum annual contribution of $26,000.
This makes the maximum contribution per pay for employees under the age of 50 (26 pays) $750 and $1,000 for participants age 50 and older in 2020. The Special Catch-up Contribution will move to $39,000 in 2020.
Changes to your payroll deductions may be made online at the Alerus Participant Website or by contacting HR. If you have questions, please Contact Us.