The IRS recently announced new limits for 403b and 457 plans. <\/p>\n
Beginning Jan. 1, the contribution limits are:<\/p>\n
\u2022 Younger than age 50 \u2014 $18,500, and<\/p>\n
\u2022\u00a0Older than age 50: $24,500.<\/p>\n
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.<\/p>\n
Employees can enroll or make changes to these plans anytime during the year.<\/p>\n
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. <\/p>\n
\u201cWe also want to let employees know that all contributions are changing to 26 deductions \u2014 and 19 for nine-month employees \u2014 per year for 2018,\u201d Kate Johnson, manager of benefits planning and administration, said.<\/p>\n
For more information, contact benefits@utoledo.edu<\/a> or call 419.530.4747 and ask to speak with a benefits representative. <\/p>\n","protected":false},"excerpt":{"rendered":" The IRS recently announced new limits for 403b and 457 plans. Beginning Jan. 1, the contribution limits are: \u2022 Younger than age 50 \u2014 $18,500, and \u2022\u00a0Older 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 …<\/a><\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/news.utoledo.edu\/index.php\/wp-json\/wp\/v2\/posts\/47818"}],"collection":[{"href":"https:\/\/news.utoledo.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.utoledo.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.utoledo.edu\/index.php\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/news.utoledo.edu\/index.php\/wp-json\/wp\/v2\/comments?post=47818"}],"version-history":[{"count":1,"href":"https:\/\/news.utoledo.edu\/index.php\/wp-json\/wp\/v2\/posts\/47818\/revisions"}],"predecessor-version":[{"id":47819,"href":"https:\/\/news.utoledo.edu\/index.php\/wp-json\/wp\/v2\/posts\/47818\/revisions\/47819"}],"wp:attachment":[{"href":"https:\/\/news.utoledo.edu\/index.php\/wp-json\/wp\/v2\/media?parent=47818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.utoledo.edu\/index.php\/wp-json\/wp\/v2\/categories?post=47818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.utoledo.edu\/index.php\/wp-json\/wp\/v2\/tags?post=47818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}