Resolve to save in 2016

resolve to save in 2016Is saving for retirement one of your New Year’s resolutions? The new year is a great time to maximize your tax savings and work towards a secure financial future or take a course to enhance your financial and retirement literacy.

The 2016 IRS contribution limits are unchanged from 2015 and 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, 2015): $6,000
  • 415 Annual Addition Limit (employer + employee contributions): $53,000

Please visit the Retirement section of the HRS web site for more information on available plans and vendors. If you have questions please contact University Benefits at (352) 392-2477 or