403(b) & 457(b) Plan Maximums
The Internal Revenue Service recently announced the 2013 Maximum Annual Contribution (MAC) limit for retirement plans. The MAC limit for the UC Retirement Savings Program's 403(b) and 457(b) Plans will increase to $17,500 each, up from the $17,000 limit in 2012.
For employees who are age 50 as of December 31, 2013, the limit will be $23,000, up from the $22,500 limit in 2012. In addition, some employees may be eligible to make additional contributions under the lifetime catch-up provisions of the plans.
How to Make Changes
Employees who wish to maximize their contributions to each plan may want to increase contributions for 2013 based on the new contribution limits. For details, call Fidelity Retirement Services (1-866-682-7787), or go to: http://www.netbenefits.fidelity.com, login, select Plan, select Contribution Amount under “Act” section on the left and then follow prompts. Online transactions can be processed 24 hours a day, 7 days per week.
When to Make Changes
Employees wishing to change their payroll deduction(s) for the first paydate in 2013 should make note of, and take action during the following processing window(s):
Processing Windows for First Paydate(s) of 2013
|Plan||Monthly Payroll||Bi-weekly Payroll|
|457(b)||11-1 thru 11-30||11-1 thru 11-30||11-1 thru 11-30|
|403(b)||11-23 thru 12-14||12-14 thru 12-17||12-22-2012 thru 1-4-2013|
Campus Human Resources, Benefits Services
Phone: (310) 794-0830 | Fax: (310) 794-0835