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Tax-Deferred Retirement Plan: 2004 Contribution Limits

The Internal Revenue Service has published the new retirement plan contribution limits for the 2004 calendar year. These limits apply to the University's Tax-Deferred Retirement (TDR) and Supplemental Retirement Annuity (SRA) plans.

The updated limits are as follows:

Limit	Explanation	2003	2004
Elective Deferral Limit	Amount that an individual can contribute on a pre-tax basis to the University's 403(b) plans	$12,000	$13,000
Age 50 and Over Catch-up1	Additional amount individuals age 50 and over can contribute as a "catch-up" to the 403(b) plans (in addition to the elective deferral limit)	$2,000	$3,000
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 2003, 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