Employee Contributions

You can contribute up to the maximum amount of 30% of your eligible pay or the pre-set IRS limit ($19,500 for 2021), whichever is less.

If you will be age 50 by December 31, consider contributing extra catch-up contributions up to the IRS limit ($6,500 for 2021) to help boost your retirement savings.

However, the annual IRS limits apply to contributions you make to any 401(k) Plan during the year. Therefore, if you contributed to another employer’s 401(k) Plan during the year, you must take into consideration any contributions made to that plan to ensure that you don’t exceed the IRS annual maximum.

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