Human Resources announces IRS contribution limits for 2015

January 20, 2015  

The IRS annually sets limits on the amount that employees can set aside in tax-favored retirement accounts. For 2015, 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 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.

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.  

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