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.
| Contributions | |||
|---|---|---|---|
| Regular | Catch-Up | Total | |
| 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 |
| Combined Total | $57,000 | $6,500 | $63,500 |