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IRS announces retirement plan contribution maximums for 2014

IRS announces retirement plan contribution maximums for 2014

Purdue offers all benefits-eligible faculty and staff multiple ways to save for retirement, including two voluntary retirement savings accounts administered through Fidelity. Each year the Internal Revenue Service reviews and announces the maximum contribution limit to these accounts for the upcoming calendar year.

For 2014, elective deferral limits for the 403(b) and 457(b) voluntary retirement savings plans will remain at $17,500 each, and catch-up contributions for individuals age 50 or older during 2014 will still be limited to $5,500 on each plan. An individual may participate in both voluntary retirement savings programs.
Some faculty and staff are saving for retirement medical expenses through a health savings account (HSA).The 403(b) and 457(b) amounts are in addition to any pre-tax funds an individual may set aside in an HSA that accompanies one of Purdue’s high deductible medical plans. Maximum contributions to an HSA for 2014 are $3,350 for single coverage and $6,550 when the employee covers one or more family members; the catch-up provision for HSAs allows an additional $1,000 to be set aside by individuals age 55 and older. The HSA maximums apply to the combined contributions of Purdue and the employee.

For more information, contact the Human Resources Service Center at 765-494-2222, or HR Help.

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