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Tax-Deferred Contribution Limits for calendar year 2003
Posted
on: November 7, 2002 |
If you are participating in a 403(b) and/or a 457(b) Tax Deferred Compensation (TDC) option with one of the approved NIU 403(b) TDC vendors or 457(b) options provided by Central Management Services, please be advised. The Economic Growth and Tax Relief Reconciliation Act of 2001 establishes maximum standard contribution limits for each calendar year. In calendar year 2003, the annual contribution limit is changing (from the current $11,000) to $12,000 for both programs. If you are age 50 or older you can participate in the “catch-up” provision for 2003, which will allow you to defer an additional $2,000 annually, making the annual maximum $14,000 for both programs. You may participate concurrently in both the 403(b) and the 457(b) programs, and you may elect to change your deduction at any time during the 2003 calendar year.
To change your TDC payroll deduction effective with the 1/1/03 payroll period please see the locations listed below with the appropriate deadline dates. You may also obtain copies of change forms from Marlene Bryant at Human Resource Services.
If you have any additional questions regarding your 403(b) and/or your 457 TDC, please feel free to contact Marlene Bryant at 753-0457 or e-mail at mbryant@niu.edu.
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