What are the contribution limits for Voluntary Retirement Investment Accounts?
Effective January 1, 2009, university employees may tax defer up to $16,500 per year per plan into the 403(b) plan and the 457(b) plan. Employees who choose to participate in both plans may make a combined maximum contribution of $33,000 per year. If you participate in a 403(b) or a 457(b) plan through more than one employer, the total contributions from all employer plans cannot exceed the contribution limits of $16,500 per plan. Employees fifty year and older may make “catch-up” contributes of an additional $5,500 under each plan, for a total of $22,000 per plan or a combined maximum of $44,000. If you are participating in one of these plans, you must contribute at least $200 per year per plan. • How do I enroll in or change my contribution to a 403(b) or 457(b) Voluntary Retirement Investment Account? First, complete the salary reduction agreement form that authorizes the university to deduct the contribution amount from your paycheck. To begin contributing in January 2009, submit t
