The IRS general limits for deductions to the 403(b) and 457(b) retirement plans have increased for 2015. Any changes for 2015 must be received in the UNMC Benefits Office at campus ZIP 5470, by fax at 402-559-3866, or by email no later than Dec. 31. A new salary reduction agreement is required for the 457(b) each year.
For those under the age of 50, the new general limit is $18,000 for both the 403(b) and 457(b). That limit is $24,000 if you attain age 50 in 2015 or are older.
If you have been at UNMC more than 15 years, you may be able to put an additional catch-up amount into the 403(b) increasing your limit, not to exceed $21,000, if you are under the age of 50. The catch-up amount for the 403(b) for those who attain age 50 in 2015 or are older may increase that limit, not to exceed $27,000.
A special calculation will be run in late January or early February to see if you are eligible for any catch-up amount and you will be informed of the results. This calculation cannot be obtained prior to that time. We do not match your contributions to the 403(b) or 457(b) retirement plans.
For any change in January deductions to the 403(b), you must complete and provide the Supplemental Tax Sheltered Annuity 403(b) Program Salary Reduction Agreement to the UNMC Benefits Office no later than Dec. 31, 2014. (NOTE: If you do not currently have a 403(b) account established you must go to the benefits page and utilize the “Online Retirement Plan Enrollment” module.)
A new Deferred Compensation Retirement 457(b) Plan Salary Reduction Agreement is required each year, and the completed form must be provided to the UNMC Benefits Office no later than Dec. 31 to enable a January deduction. You must be on track to contribute the maximum allowed into the 403(b) supplemental retirement plan each year in order to participate in the 457(b) plan. (NOTE: If you do not currently have a 457(b) account established you must go to the benefits page and utilize the “Online Retirement Plan Enrollment” module.)
Need to check the amount you’re currently contributing? Log into Firefly, and then into Employee Self Service. Look under the Benefits section and click on the Participation Overview link.