The Internal Revenue Service (IRS) has announced limits on the amounts participants may contribute to the 457 and 403(b) tax-deferred retirement savings plans in 2015. The new limits effective January 1, 2015, are $18,000 for employees under the age of 50 and $24,000 for employees age 50 and over.
Changes to 457 deferrals may be made online using participants’ log-in information or by calling Deferred Compensation at 1.877.327.5261. Requests for 457 contribution changes must be received by 4:00 p.m. on December 31, 2014, to be effective the first pay period of 2015.
To request a change to 403(b) contributions, participants must complete and submit a new Salary Reduction Agreement (Form 105-097) to Human Resources (HR). Salary Reduction Agreement forms must be received in central HR by 12:00 p.m. on December 18, 2014, for changes to be effective the first pay period of 2015. Faxed copies of the 105-097 are acceptable.