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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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