Benefit Update: Retirement Plan Salary Reduction Maximum, TIAA-CREF Counseling Sessions

Posted November 20th, 2014 at 11:24 am.

The following email was sent to faculty and staff by Director of Human Resources Marty Mastascusa on Tuesday, Nov. 11.

Retirement Plan Salary Reduction Maximum 
The IRS increased the maximum limit on annual retirement plan salary reduction contributions for 2015:

http://www.brynmawr.edu/humanresources/SalaryReductionsLimits.html

If it is your intent to reach the 2014 maximum and are not already set up to do so, please complete a Salary Reduction Agreement (accessed through the above link) and return it to Human Resources by December 1, 2014.

If you are changing your reduction in January, please complete and return the Salary Reduction Agreement byDecember 23, 2014.

If you are electing a new reduction amount and plan to using the higher limit for employees age 50 and over, please remember to check that you are using the Section 414(v) limit and indicate your date of birth on the Salary Reduction Agreement.  Employees born on or before December 31, 1965 will be eligible to use the higher limit starting in January.

Employees with over 15 years of service may contribute additional “catch-up” amounts under the 15-Year Rule. If you have been advised that you cannot use the 15-Year Rule due to high historic contributions, that restriction still applies. I find that very few employees who want to maximize qualify under this Rule, as it can only be used by employees whose average annual salary reduction is under $5,000.

TIAA-CREF Counseling Sessions
There are still openings for individual counseling sessions with a TIAA-CREF representative on the following dates:

Monday, November 17
Thursday, December 4

These sessions will be held in the Human Resources Office and are scheduled by calling TIAA-CREF at  (800) 732-8353 , from 9:00 AM – 8:00 PM, Monday through Friday or by going to:

www.tiaa-cref.org/public/products-services/retirement-consultation

If you enroll through this link you will need to have login information for the TIAA-CREF web site. TIAA-CREF sessions are one hour in length. If you cannot attend an on-campus counseling session, you may schedule an appointment at TIAA-CREF ‘s Philadelphia Regional Office located at 1835 Market Street in Center City.

Filed under: Announcements,For Faculty,For Staff Tags: , by Diana Campeggio

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