11.26.2019 Back to News

403(b) and 401(k) Plan Limits Have Changed for 2020

MHS Defined Contribution Retirement Plan and SSS Defined Contribution Retirement Plan

2020 contribution limits

The 2020 contribution limits have changed for the MHS Defined Contribution Retirement Plan (also known as the 403(b) Plan) and the SSS Defined Contribution Retirement Plan (also known as the 401(k) Plan).

  • The annual contribution limit is $19,500 in 2020.  
  • The annual “catch-up” contribution limit is $6,500 in 2020. You are eligible for this “catch-up” contribution if you will be age 50 or older on Dec. 31, 2020.
  • The plan maximum for employer matching contributions in 2020 is $5,700.  
  • Be sure to contribute at least 2% of your compensation each paycheck you receive in 2020 so you receive the maximum employer matching contribution you are entitled to! You will not receive an employer matching contribution for any check you do not make an employee contribution from.

If you participate in either of these plans and want to change your election to be effective with your first check in January, you must change your election no later than Dec. 17, 2019, if you are a monthly paid employee or Dec. 24, 2019, if you are a biweekly paid employee. To change your election, you may either call the Wells Fargo Retirement Service Center at 1-800-728-3123 or go online at www.wellsfargo.com, select the MHS Defined Contribution Retirement Plan or the SSS Defined Contribution Retirement Plan – on My Dashboard, scroll down to My Contributions to make your selection.

MHS Defined Contribution Retirement Plan- For MJE Employees

2020 contribution limits

The 2020 contribution limits have changed for the MHS Defined Contribution Retirement Plan (also known as the 403(b) Plan).

MHS Defined Contribution Retirement Plan

All employees are eligible to contribute to this plan.

  • The annual contribution limit is $19,500 in 2020. 
  • The annual “catch-up” contribution limit is $6,500 in 2020. You are eligible for this “catch-up” contribution if you will be age 50 or older on Dec. 31, 2020. 

If you participate in this plan and want to change your election to be effective with your first check in January, you must change your election no later than Dec. 17, 2019, if you are a monthly paid employee or Dec. 24, 2019, if you are a biweekly paid employee. To change your election, you may either call the Wells Fargo Retirement Service Center at 1-800-728-3123 or go online at www.wellsfargo.com, select MHS Defined Contribution Plan – on My Dashboard. scroll down to My Contributions to make your selection.