403(b) Contribution Maximums for 2021

The IRS has announced that there will be no changes to the current limits for retirement plan contributions going into 2021. Therefore, the 403(b) contribution limit remains at $19,500 annually, or $26,000 annually for individuals age 50 and over.

Anyone who wishes to elect the maximum in 2021 who has NOT done so previously must complete a new Salary Reduction Agreement form and submit it to Human Resources. Individuals who wish to complete an electronic version of the form should reach out to Viktoria Rill at vrill@iit.edu for setup in Illinois Tech’s new Employee Records system. The form is also available online on the HR Portal Forms and can be submitted by email or fax. While these forms can be submitted at any time, the preferred deadline for 2021 updates is December 15, 2020.

For information on Illinois Tech’s retirement plans, please visit the HR Portal Retirement Plan page. As always, questions regarding the retirement plan can be directed to Viktoria Rill in Human Resources at vrill@iit.edu.