Open Enrollment 2020
Open Enrollment for 2020 runs November 1, 2019 to midnight, November 24, 2019
Your benefit elections will be effective January 1, 2020
On Wednesday, November 6, 2019, the Internal Revenue Service increased the 2020 contribution limits for both the Flexible Spending Account and 403(b) and 457(b) retirement plans.
· The Flexible Spending Account Limit for healthcare has increased by $50 to a new maximum annual contribution of $2,750.
· The 403(b) and 457(b) elective plan contribution limits for 2020 are as follows:
o The contribution limit has increased by $500 to a new elective contribution limit of $19,500.
o Additional catch up provision for employees over 50 years of age has also increased by $500 to $6,500 for a maximum contribution limit of $26,000.