December 10, 2019
IRS Retirement Contribution Limit Increasing for 2020The IRS has increased the limit for employee contributions to the CMU Faculty and Staff Retirement Plan and CMU 401(k) Plan.
- The employee contribution limit will increase from $19,000 to $19,500 for 2020.
- The age 50 catch-up limit will increase from $6,000 to $6,500 for 2020. (This applies to anyone who will be age 50 by 12/31/20.)
Verifying Current Contributions
The dollar amount and the year-to-date amount for your current contributions are shown on your payslip in Workday. Workday automatically stops your contribution when the IRS limits are reached in a year.
To increase the percentage you are contributing to the CMU Faculty and Staff Retirement Plan or the CMU 401(k) Plan, you must complete that process in Workday. Refer to the View or Change Retirement Savings Elections Employee Contribution Plans Quick Guide [pdf] for instructions. For assistance with the Workday process, contact the Human Resources Service Center at 412-268-4600 or submit a request for assistance.