December 15, 2020
No Changes to IRS Retirement Contribution Limit for 2021
For 2021, the IRS limit will remain the same for employee contributions to the CMU Faculty and Staff Retirement Plan and CMU 401(k) Plan.
- The employee contribution limit will remain at $19,500.
- The age 50 catch-up limit will remain at $6,500. (This applies to anyone who will be age 50 by 12/31/21.)
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 annual IRS limit is reached.
Log in to Workday to increase the percentage you are contributing to the CMU Faculty and Staff Retirement Plan or the CMU 401(k) Plan. Refer to the View or Change Retirement Savings Elections Employee Contribution Plans Quick Guide [pdf] for instructions.
For assistance, contact the Human Resources Service Center at 412-268-4600 or firstname.lastname@example.org.