The IRS determines the maximum combined amount that can be contributed to 401(k) plans each year. For 2020, the maximum you can contribute to the Hess Savings Plan using before-tax or Roth contributions is $19,500 (or $26,000 with catch-up contributions). In 2020, total contributions (yours and Hess’) to the Hess Savings Plan are limited to $57,000. If you’re age 50 or older, you can contribute an additional $6,500, for a total of $63,500. Your before-tax, Roth after-tax, regular after-tax and company matching contributions all count toward the annual limits.
The table below provides a breakdown of each type of contribution you can make.
|Combined Before-Tax and Roth After-Tax||$19,500||$6,500||$26,000|
|Company Match||Varies depending on eligible pay||Not applicable||Varies depending on eligible pay|
|Regular After-Tax*||$37,500 less company match||Not applicable||$37,500 less company match|