IRS sets 2020 retirement savings limits - increased opportunity to save

The Internal Revenue Service (IRS) has increased the maximum amount you can contribute to your Retirement Savings Plan for 2020. This is a good time to review how much you are contributing to your plan and adjust accordingly.

• Employees under age 50 may contribute up to $19,500
• Employees age 50 or older by December 31, 2020 may contribute up to $26,000

If you want to make changes to the amount you contribute, please go to www.askmyhrportal.com and select “My Benefits” on the blue bar. Once you are on the Benefits page, scroll down to select “Retirement Contributions.” Select either “Traditional TSA” or “Roth TSA,” depending on the type of plan to which you contribute. Under “Current Contributions,” choose “Edit.” You may choose a flat amount or a percent. The amount you enter is a per‐pay period amount.

Changes made to your Retirement Savings Plan contributions go into effect for the following pay period. If you are looking to make a change for 2020, you should set a reminder to do so after the last pay period of 2019.

If you have questions, please contact the HR Support Center at 1‐833‐Ask‐MyHR (1‐833‐275‐6947). You also can visit Fidelity’s website for Partners employees to access resources that help make retirement planning easier, including videos and one-on-one consultations with retirement experts.