403(b) Elective Maximum Deferral Amounts
On October 27, 2016, the IRS announced cost-of-living adjustments (COLAs) affecting the dollar limits for pension plans and other retirement related items for the 2017 tax year. The 403(b) elective maximum deferrals for 2017 remain unchanged and 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 2017 visit irs.gov.
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 email@example.com or Angela DeLuca in the Human Resources Office (Barn 102).