Washington & Jefferson College

2013 Retirement Contribution Limits

An excellent way to save for retirement and reduce current tax liability is to contribute part of your salary to an employer-sponsored retirement plan. At Washington & Jefferson College (W&J), employees can contribute dollars, before taxes, to the TIAA CREF retirement plan.

CONTRIBUTION LIMITS FOR 403(b) PLANS - The contribution limit increases to $17,500 for calendar year 2013.

CATCH UP DEFERRALS - Employees age 50 and older can save an additional $5,500, through a catch-up provision, bringing the limit up to $23,000. These additional contributions are available to any eligible employee based solely on age, regardless of past contributions or length of service.

EMPLOYEES WITH 15 OR MORE YEARS OF SERVICE - If you have more than 15 years of consecutive service at W&J, you MAY BE eligible to contribute an additional $3,000 (for a total of $20,500 if you are less than age 50 and $26,000 if you are age 50 or older). The rule that caps this $3,000 at a lifetime contribution of $15,000 does still apply. So if you have used the "15-Year Rule" in the past, you may not have the full $3,000 available. Contact Human Resources for more information.

457(b) ELECTIVE DEFERRALS - The contribution limit increases to $17,500 for calendar year 2013.

These retirement contribution limits from the federal government are based on the calendar year. You can change your current contribution amount at any time (one change per pay period).

Contributing additional funds or updating your current contributions can be done by completing a salary reduction agreement.  The completed form should be submitted to the Human Resources Department.