The IRS updates retirement plan contribution limits for defined contribution plans such as the PCA Retirement Plan each year.
The limits for 2021 are as follows:
Elective Deferral Limit (salary reduction contribution): $19,500 (unchanged from 2020). Internal Revenue Code Section 402(g)
Defined Contribution Limit (employer plus employee): $58,000 ($1,000 increase from 2020). Internal Revenue Code Section 415(c)
Catch-up Contribution Limit (age 50 or older): $6,500 (unchanged from 2020). Internal Revenue Code Section 414(v)
If age 50 or older, a total of $26,000 in elective deferral contributions will be allowed in 2021. This amount is unchanged from 2020.
Source: IRS Retirement Plan section
Geneva Benefits Group serves those who serve others, providing practical support for the financial, physical, and mental wellbeing of people who work in full-time ministry.