YEAR CONTRIBUTION IF UNDER THE AGE OF 50 CONTRIBUTION IF OVER THE AGE OF 50 DEADLINE TO OPEN IRA DEADLINE TO FUND IRA
2020 $13,500 $16,500 10/1/2020 12/31/2020
2021 $13,500 $16,500 10/1/2021 12/31/2021

Key Features:

  • Above contributions are salary reduction contributions.
  • Employer elects to either match contributions dollar for dollar, up to 3% of compensation for each employee electing to defer a portion of compensation, or to make a mandatory nonelective contribution of 2% of compensation for all eligible employees, up to a maximum of $5,700 for 2020.
  • Maximum employer matching contribution is $13,500 for 2020.
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