IRS Announces 2012 Retirement Plan Contribution Limits
The Tax Deferred Annuity Plan (TDA) provides a way for you to contribute to your retirement account on a pre-tax basis through payroll deduction. This Plan allows you to save for your retirement while saving on current taxes.
The limits for calendar year 2012 are:
• You can contribute up to $17,000 per year.
• If you are age 50 or older in year 2012, you can contribute an additional $5,500 to your TDA account, for a maximum limit of $22,500.
• If you have 15 or more years of service with Washington & Jefferson College, you may be eligible to contribute an additional $3,000. Contact Human Resources for more information.
You can change your current contribution amount at any time (one change per pay period).