Human Resources announces IRS contribution limits for 2016

The IRS annually sets limits on the amount that employees can set aside in tax-favored retirement accounts. For 2016, the payroll system is set to monitor the voluntary 403(b) and 457(b) plans so that contributions do not exceed $18,000.

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 $6,000 in 2015.

Changes are made via Fidelity's online NetBenefits system at http://plan.fidelity.com/purdue. Contributions must be calculated as a percentage of pay, instead of a dollar amount. It will take one to two payroll cycles for the changes to be reflected. Contribution percentages updated in NetBenefits by Dec. 13 will be reflected on Dec. 23 for biweekly employees and Dec. 30 for monthly employees.

Employees who need assistance with getting a deferral set up should contact Purdue's local Fidelity office. Call 800-544-6868 to set up an appointment.