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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
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