The Internal Revenue Code has limits for qualified 401(k) plans on contributions and compensation used to determine employer contributions.
2020 Contribution and Compensation Limits
$19,500 - Combined employee pre-tax and after-tax Roth 401(k) contributions
$6,500 - Employee catch-up contribution limit if age 50 or older anytime during 2020
$57,000 - Total employee plus employer contributions to 401(k) accounts including (does not include any applicable catch-up contributions):
Pre-tax contributions
Roth 401(k) after-tax contributions
Traditional after-tax contributions
Employer match/contributions
$285,000 – Compensation used to determine maximum employer match and maximum employer contribution (for those who first became a plan participant after December 31, 1995)
$425,000 – Compensation used to determine maximum employer match and maximum employer contribution (for those who first became a plan participant before January 1, 1996)
Contribution Rate Change Deadline Schedule
You may make any changes to your contributions, either pre-tax, Roth after-tax or traditional after-tax, through
myplan.johnhancock.com or 1-800-294-3575.
