OMNI 403B

Recent legislation allows assistance to 403(b) participants who have been impacted by COVID-19.  Please visit the OMNI news page for more information.

OMNI Universal Availability - Spring 2021

OMNI Newsletter - Q4 2020

2022 Maximum Allowable Contributions
The IRS elective contribution limit to a 403(b) for 2022 starts at $20,500. If you are over the age of 50, your contribution limit increases to $27,000. The Fifteen Year Cap Expansion Option, commonly referred to as service-based catch up, may also be available to veteran employees having 15 years or more with their current employer and whose total past 403(b) annual contributions average under $5,000 per year of employment. This allowance has a $3,000 maximum amount per year with a lifetime maximum of $15,000. A qualified employee could, for example, contribute an additional $1,000 per year for 15 years to reach the $15,000 lifetime maximum.

2021 Maximum Allowable Contributions Limits (MAC) - 403(b) and 457
The IRS has recently announced the 2021 Maximum Allowable Contribution (MAC) limits for 403(b) and 457(b) plans.   
The elective deferral limit for 403(b)/457(b) plans will remain at $19,500. Employees age 50 and over will continue to be entitled to contribute an additional $6,500 to their 403(b) or 457(b) plan(s), thereby increasing the elective deferral limit to $26,000. 
Individuals with at least 15 years of service with their current employer may be entitled to contribute up to an additional $3,000 above their age-based limit, potentially increasing the limit to $29,000 for a participant utilizing both the age based and the full amount of the service based catch-up provisions. 
If you expect to make or receive a non-elective/employer contribution in 2021, please note that the 415(c) limit has increased from $57,000 to $58,000, permitting employers to contribute up to $58,000 to an employee's 403(b) plan.  
Recipients of non-elective contributions aged 50 and up will retain the opportunity to utilize the age based catch-up beyond the 415(c) limitation, allowing for a "combined maximum" of $64,500 in 2021. Please note that the amount of non-elective employer contributions is reduced by employee elective deferrals. 
If you have any questions concerning contribution limits, or any other 403(b)/457 matter, please contact OMNI at 877-544-6664. 

2020 Maximum Allowable Contributions Limits (MAC) - 403(b) and 457