12/10/02, Tax-Deffered Retirement Plan: 2003 Contribution Limits

Tax-Deferred Retirement Plan: 2003 Contribution Limits

The Internal Revenue Service has published the new limits for the 2003 calendar year.

Here are the updated limits:

Limit	Explanation	2002	2003
Elective Deferral Limit	Amount that an individual can contribute on a pre-tax basis to the University's 403(b) plans	$11,000	$12,000
Catch-up Deferral Limit¹	"catch-up" contributions to the 403(b) plan (in addition to elective deferral limit)	$1,000	$2,000
¹ Participants who have been employed with the University for fifteen (15) years or more may be eligible for an additional catch-up contribution.

Participants who wish to maximize their contributions should contact the Retirement Call Center at 1-877-736-6738, for assistance in determining the new contributions and the pay period amount. Participants who stopped their supplemental contributions because they reached the maximum early in 2002, should call to have the supplemental deductions restored, since these deductions are not automatically restarted at the beginning of the new year. In order to be effective for January, any changes should be made by calling the Retirement Call Center prior to the close of payroll for January.

-- Division of Human Resources

Almanac, Vol. 49, No. 15, December 10, 2002

ISSUE HIGHLIGHTS:

Tuesday,
December 10, 2002
Volume 49 Number 15
www.upenn.edu/almanac/

Al Filreis is the first holder of newly endowed chair created by Paul Kelly’s $3 million gift which also supports the Writers House and the Huntsman Program.

Rebecca Bushnell will become dean of the College of Arts and Sciences, succeeding Rick Beeman who will spend a year at Oxford.

A statement from the president and provost on the incident involving the Princeton debating student last month in the Quad.

Speaking Out on the NLRB decision concerning graduate student unionization, and a response from President Rodin.

Almanac’s annual guide to Holiday Shopping Around Campus includes dozens of the local destinations for finding great gifts.

The IRS has new limits for Tax-Deferred Retirement Plan contributions in 2003.

Time to upgrade from standard Telnet to access e-mail or Netnews securely.

The Emergency Closing Reminder: what to do when winter weather strikes.

A Government Affairs Update: Homeland Security, NSF, Rendell’s task force on medical malpractice crisis, consolidating Community Affairs for Penn and UPHS.