The IRS recently announced new limits for 403b and 457 plans.
Beginning Jan. 1, the contribution limits are:
• Younger than age 50 — $18,500, and
• Older than age 50: $24,500.
Employees who would like to increase or change their contribution amounts for 403b plans must submit the salary reduction agreement stating the new per-pay contribution amount. And for Ohio Deferred Compensation 457 plans, employees must contact Ohio Deferred Compensation to change their contribution.
Employees can enroll or make changes to these plans anytime during the year.
However, these actions must be taken by Friday, Dec. 15, and submitted to the Benefits Department in Human Resources in order to start contributions the first pay in January.
“We also want to let employees know that all contributions are changing to 26 deductions — and 19 for nine-month employees — per year for 2018,” Kate Johnson, manager of benefits planning and administration, said.
For more information, contact email@example.com or call 419.530.4747 and ask to speak with a benefits representative.