11.11.2020 Back to News

Employee Benefits: MHS Defined Contribution Retirement Plan and SSS Defined Contribution Retirement Plan 2021 Contribution Limits

MHS Defined Contribution Retirement Plan and SSS Defined Contribution Retirement Plan

2021 Contribution Limits

The 2021 contribution limits remain unchanged 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 2021.  
  • The annual “catch-up” contribution limit is $6,500 in 2021. You are eligible for this “catch-up” contribution if you will be age 50 or older on Dec. 31, 2021.
  • The plan maximum for employer matching contributions in 2021 is $5,800.  
  • Be sure to contribute at least 2% of your compensation each paycheck you receive in 2021 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. 15 if you are a monthly paid employee or Dec. 24-Jan. 5 if you are a biweekly paid employee. To change your election, you may either call the Wells Fargo Retirement Service Center at (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," then scroll down to "My Contributions" to make your selection.