IRS Limits for Supplemental Retirement

New 2020 IRS Limits for Penn State’s Supplemental Retirement Programs

Wednesday, December 18, 2019

University Park, PA – As governed by the IRS, the annual salary contribution limits for Penn State’s supplemental retirement programs will increase in 2020.

Penn State offers two supplemental retirement programs; a 403(b) Tax Deferred Annuity and a 457(b) Defined Contribution plan. Both plans are administered by TIAA. Penn State Human Resources (HR) encourages employees to review their supplemental retirement contribution amounts to ensure they are taking advantage of the maximum contribution limits for 2020 permitted by the IRS ($19,500; or, $26,000 if age 50 or older).

There are two ways to make changes to and/or review your contributions:

WorkLion

  1. Log into WorkLion
  2. Click Workday
  3. Select Benefits
  4. Select TIAA Supplemental Retirement Enrollment (Under External Links)
  5. Go to Actions
  6. Select Change Contribution Amounts
  7. Click on Manage My Contributions to update the amount or percentage of your salary

Note: You may select a future effective date when managing your contributions.

TIAA Website

You can also manage your contributions through TIAA’s website by logging in with your TIAA user ID and password.

TIAA financial counselors that are dedicated to Penn State employees are available to meet and discuss your retirement plan and complete your financial picture. This service is available as part of your retirement program at no additional cost to you.

To schedule your appointment, call TIAA at 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET) or visit TIAA.org/schedulenow-pennstate.