To: Faculty and Staff Enrolled in FDU’s 403(b) Plan with TIAA-CREF
From: Employee Benefits
Re: 2014 Retirement Plan Contribution Limits
Please be advised there will be NO changes to the contribution limits for calendar year 2014. They remain as follows:
- General 402(g) Limit – Remaining at $17,500 (This includes the 3% employee contribution towards the Retirement Annuity as well as the additional employee contributions towards the Group Supplemental Retirement Annuity)
- Age 50 Catch-Up Contribution (individuals age 50 and over by the end of the year) – Remaining at $5,500
Faculty and staff who have been employed by FDU for at least fifteen (15) years, and have not previously contributed the maximum amount permitted by law, may be eligible to contribute an additional $3,000 per year (lifetime maximum $15,000). To determine your contribution limit under the 15-Year Rule, please contact TIAA-CREF at 800-842-2252 for a TDA calculation and submit a copy to the HR Office.
(Note: if you are eligible for both the Age 50 Catch-Up Contribution and the 15-Year Rule, contributions above the 402(g) limit count first against the 15-Year Rule. Only contributions in excess of both the 402(g) limit and the 15-year Rule count as Age 50 Catch-Up contributions. In other words, you must exhaust the 15-Year Rule, if eligible, before using the Age 50 Catch-Up.)