TO: All Eligible Regular-Status Employees that wish to elect/maintain the Maximum Allowable Contribution in the Calendar Year
On November 6th 2019, the Internal Revenue Service (IRS) announced cost-of-living adjustments increasing the maximum dollar contributions for pension plans and other retirement-related plans for 2020. Effective January 1, 2020 maximum contribution limits have increased (see Table below):
|2019 Maximum||New 2020 Maximum
Effective January 1, 2020
|Under 50 years old||$19,000.00||$19,500.00|
|50 years old and above||$25,000.00||$26,000.00|
Before you can elect to contribute to a SRA Account, please make sure to enroll in a Supplemental Retirement Annuity (SRA) account on-line with TIAA. Please go to https://www.tiaa.org/rcuh to create an account or call TIAA at (800) 842-2252.
If you have previously elected the maximum allowable contribution, you must submit a new Agreement for Salary Reduction Form (B-6) if you wish to maintain the maximum allowable contribution amount for the TIAA Supplemental Retirement Annuity (SRA) plan if you have elected. The RCUH does NOT automatically adjust your SRA contributions to the revised IRS Maximums.
If you are interested in electing the maximum contribution amount for 2020, please do the following:
- Complete the Agreement for Salary Reduction Form (Form B-6).
- Submit the form to RCUH Human Resources no later than December 23rd 2019 (if you would like to contribute for the effective date 12/16/19, which is the 1st pay period for the 2020 Calendar Year) via the options below:
- Scan/email to email@example.com
- Fax to (808) 956-5022
- Mail to:
John A. Burns Hall, 4th Floor Makai Wing
1601 East-West Road
Honolulu, HI 96848
If you have any questions, please contact RCUH Human Resources Department’s Benefits Office via email at firstname.lastname@example.org or contact them at (808) 956-3100.
Thank you and Happy Holidays!
Attachment: 2020 TIAA IRS Limit Flyer