TO: All Regular-Status, 50%-100% Full-Time Equivalency (FTE) Employees
On October 23, 2014, the Internal Revenue Service (IRS) announced cost-of-living adjustments affecting the dollar limitation for pension plans and other retirement-related items for 2015. Included in the cost-of-living adjustment changes was the increase to the maximum allowable contribution amount for 403(b) Tax-Deferred Annuity plans or the TIAA-CREF “Supplemental Retirement Annuity” plan.
The new 2015 contribution maximum limits are reflected below:
|
2014 Maximum |
New 2015 Maximum |
|
|
Under 50 years old |
$17,500.00 |
$18,000.00 |
|
50 years old and above |
$23,000.00 |
$24,000.00 |
All eligible employees will receive an email from the RCUH Human Resources informing them of the maximum contribution limits for the tax year 2015, which will include instructions on how to make changes to their existing SRA contribution amounts or to enroll in their own SRA plan.
For more information on the IRS cost of living adjustment changes, you can visit the IRS website at www.irs.gov. Should you have any questions, please contact RCUH Human Resources Department via email at [email protected].
Mahalo,
RCUH Human Resources