Employees should plan catch-up tax-deferred annuity contributions in advance

October 4, 2013  


A limited number of pay periods remain in 2013 for those wishing to maximize contributions to their tax-deferred annuity (TDA).

New % updated in Fidelity System byWill be reflected on this Biweekly Pay Day
10/17/2013 10/30/2013
10/31/2013 11/13/2013
11/14/2013 11/27/2013
11/27/2013 12/11/2013
12/12/2013 12/24/2013
New % updated in Fidelity System byWill be reflected on this Monthly Pay Day
10/10/2013 10/31/2013
11/7/2013 11/27/2013
12/12/2013 12/31/2013

The IRS annually sets limits on the amount that employees can set aside in tax-favored retirement accounts. For 2013, the payroll system is set to monitor the voluntary 403(b) and 457(b) plans so that contributions do not exceed $17,500.

For both voluntary plans, employees who are at least 50 years old during the calendar year may make additional catch-up contributions. The maximum catch-up contribution is $5,500 in 2013.

Changes are made via Fidelity’s online NetBenefits system at http://plan.fidelity.com/purdue (for monthly paid exempt staff) and http://plan.fidelity.com/purduenonexempt (for biweekly paid non-exempt staff). Contributions must be calculated as a percentage of pay, instead of a dollar amount.

Given the end-of-year holiday schedule, the payroll processes are earlier than usual. Please note the remaining pay dates, along with the normal data transmission window.

Employees needing assistance with setting up a deferral may contact Purdue's local Fidelity office. Call 800-544-6868 to set up an appointment.

 

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