Annual contribution limits for retirement plans go up
The Internal Revenue Service recently announced the 2012 MAC (maximum allowable contribution, also known as elective salary deferral limit) for UC’s Retirement Savings Program (RSP) plans. The new 2012 annual limits will be:
- 403(b) Plan – $17,000/year
- 457(b) Plan – $17,000/year
The elective deferral limit is $17,000 if under age 50, or $22,500 if age 50 or older as of Dec. 31, 2012. The age 50 catch-up amount remains at $5,500. Eligible participants may still make additional contributions under the special and lifetime catch-up provisions by contacting Fidelity Retirement Services.
The 415(c) Annual Additions Limit for defined contribution plans will increase from $49,000 to $50,000 for 2012.
In order to make payroll deferral election adjustments, changes in monthly contribution amounts should be made through Fidelity Retirement Services at www.netbenefits.com or www.ucfocusonyourfuture.com. You may also call Fidelity Retirement Services at 866-682-7787 for details.
In order for changes to be effective for the January 2012 paycheck, 457(b) elections should be submitted before the end of November 2011, and 403(b) and DCP after-tax elections should be submitted between Dec. 1 and 15.
If you have questions regarding your paycheck or payroll cut-off dates, contact the UC Customer Service Center at 510-987-0900.