On October 21, 2015, the IRS announced cost-of-living adjustments (COLAs) affecting the dollar limits for pension plans and other retirement related items for the 2016 tax year. The 403(b) elective maximum deferrals for 2016 are as follows:
- Elective deferral—$18,000
- Age 50+ Catch up—$6,000 (beyond basic limit of elective deferrals)
- 15 Service Years Catch up—Please contact TIAA for calculation
These maximum deferral amounts are over and above the mandatory 5% employee contribution required (for certain employees) and Bennington College’s employer contribution. For a complete list of the new limits for 2016, click here.
Bennington College encourages all employees to consider saving for retirement. To learn more or to receive a Maximum Salary Reduction Calculation, please call TIAA at 888-842-7782 or visit tiaa.org. If you would like to make changes to your supplemental contribution, please fill out the Salary Reduction Agreement and return to firstname.lastname@example.org or Noel Volpi in the Payroll Office (Barn 101).