Employer/Client Information Release
(November 11, 2019)
Maximum Allowable Contribution (MAC) Limits for 2020:
TSA Consulting Group, Inc (TSACG) is committed to providing our clients with the most current 403(b) and 457(b) Plan information as it is released by the IRS. The latest IRS information concerning MAC limits indicates that the normal limit has been increased for calendar year 2020.
MAC Limits for 2020:
* The normal calendar year limit for 403(b) and 457(b) plans will increase from $19,000 to $19,500 for 2020.
* The age based additional amount (age 50 by 12/31/2020) will increase from $6,000 to $6,500 for 2020.
* Any other catch-up options that may be applicable to your Plan(s) remain unchanged.
All employees, regardless of age or years of service, may contribute up to $19,500 to their 403(b) and 457(b) account in 2020. (The limit is coordinated for 403(b) accounts. (The limit is coordinated for 403(b) accounts. 457(b) accounts are not coordinated with other plans.)
Employees who will attain age 50 by 12/31/2020 may contribute an additional $6,500 to 403(b) and 457(b) accounts in 2020. (This limit is coordinated for 403(b) accounts.)
IRC §415 Limit
The overall employee and employer contribution limit for 403(b) plans increases by $1,000 to a total of $57,000 effective January 1, 2020. This overall defined contribution limit is of special importance to those plan sponsors with Special Pay Plans that are designed to accommodate accumulated leave payments.
Please see our webpage on the TSACG website for our new Salary Reduction Agreement** This agreement must be used going forward when submitting a request.
Vendor Information - 403(b) and 457(b) Authorized Investment Providers
· ASPIRE (American Funds)
· AXA Equitable Life Insurance Co.
· Foresters Financial Services Inc.
· Great American Life Insurance Co. (GALIC)
· Security Benefit Life
For more information regarding retirement plans for Buckeye Elementary, please visit the following websites.