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New IRS limits for Supplementary Retirement Plans in 2019!

New IRS limits for Supplementary Retirement Plans in 2019!

Good News! the IRS maximum annual contribution limit for supplemental retirement plans (403(b), 457(b) and 401(k)) will increase beginning January 1, 2019. All faculty and staff, even those who are not eligible for full benefits (medical, dental, etc.), are able to participate in these supplementary retirement plans.

Beginning in 2019, those who are under age 50 may now contribute up to $19,000 per calendar year, and those who are 50 and over may now contribute up to $25,000 per calendar year. You may make changes to your supplemental retirement plan contributions any time. Please note any changes to your contributions will be reflected on the payroll following. For example, edits made between December 16 and December 29, 2018, to be reflected on the January 11, 2019 check. If you would like your new contribution rate to go into effect starting with our first 2019 day cycle, please make your adjustments by December 29, 2018.

Edits to biweekly contribution amounts can be made via my.boisestate.edu (under “HR Systems”). From the HR Self Service page, click on “Benefits”, and select “Benefits Summary.” The hyperlinks next to each retirement savings plan indicate those in which you currently participate. Click the hyperlinks next to change your future contribution amounts.

If you would prefer to submit a paper Salary Reduction Agreement (SRA), the form can be accessed online: http://hrs.boisestate.edu/benefits/benefits-forms/. Please submit the applicable SRA to our office by email to Benefits@boisestate.edu.

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