The Internal Revenue Service (IRS) has announced an amendment to the previously announced limits on the amounts participants may contribute to tax-deferred savings plans in 2013, such as the Commonwealth’s 457 Deferred Compensation Plan and the 403-b Plan. The newly revised limits are $17,500 for employees younger than 50 and $23,000 for employees 50 and older.
To increase contributions to 457 accounts, participants may log in to their accounts online at https://vadcp.ingplans.com/eportal/welcome.do or call Deferred Compensation at 1-877-327-5261. To increase contributions to 403-b accounts, participants should complete a new 105-097 (Salary Reduction Agreement) found in the NOVA Forms Library. Completed Salary Reduction Agreements may be faxed to 703-323-3155.