The IRS announced the retirement plan contribution limits for 2017 will remain the same as the 2016 limits. As a reminder, the limits are as follows:
- Elective Deferrals for 403(b) – all Roth and Tax-Deferred contributions combined: $18,000
- 457(b) Deferred Compensation Plan Annual Deferral: $18,000
- Age-based Catch-up Contributions (age 50 by December 31, 2017): $6,000
- 415 Annual Addition Limit* (employer + employee contributions): $53,000
The start of a new year is a great time to start a voluntary retirement plan or increase your salary deferrals to maximize your tax savings. For more information on retirement plans offered by UF and forms needed to change or initiate your deferral, visit the Retirement section of the Human Resource Services website. If you have questions, please call UF Benefits at (352) 392-2477 or email firstname.lastname@example.org.
* 415 Annual Addition Limit: Participants who contribute to any of the SUSORP, UF 403(b) and/or UF AEF 403(b) plans are also subject to limits on contributions that can be made in total for the year, per IRC Section 415(c).