403(b) & 457(b) Maximum Annual Contributions
The Internal Revenue Service recently announced the 2012 Maximum Annual Contribution (MAC), for the 403(b) and the 457(b) plans will increase by $500 each for employees under age 50. This means that the MAC will be $17,000 for each plan and $22,500 for those who reach age 50 by Dec. 31, 2012. Payroll deductions automatically stop when these limits are reached. Faculty and staff who have 15 years of service with UC as of Dec. 31, 2011, may be eligible to contribute an additional $3,000 in 2012 under the Lifetime Catch-up provision. Contact Fidelity for details.
If you want to change your payroll deductions for the first paydate in 2012, mark your calendar as follows, making a note that the 457(b) change deadline is November 30, 2011:
|Processing Windows for First Paydate of 2012|
|Monthly Payroll||Bi-weekly Payroll|
|First 2012 Paydate||1-3-2012||1-4-2012||1-18-2012|
|457(b)||11-1 thru 11-30||11-1 thru 11-30||11-1 thru 11-30|
|403(b)*||11-23 thru 12-14||12-17 thru 12-23|
(short window due to holidays)
|12-31-11 thru 1-6-12|
If you want to make any changes, call Fidelity at 1-866-682-7787, or go to its website in Related Information. If you have any other questions, contact the person in your department who handles benefits/personnel issues or call Campus Human Resources, Benefit Services at extension 4-0830, or Health System Human Resources at extension 4-0500.
Campus Human Resources, Benefits Services
Phone: (310) 794-0830 | Fax: (310) 794-0835