IRS Announced 2013 Limits for Retirement Fund Elective Contributions
The IRS just announced the 2013 elective deferral contribution limit for the 403(b) GSRA plan has increased from $17,000 to $17,500. The catch-up contribution limit for those age 50 and over remains unchanged at $5,500.
This limit applies to the University of the Pacific Defined Contribution Retirement Plan Group Supplemental Retirement Annuity (GSRA). The GSRA plan provides the ability for all eligible employees upon employment, with no age or service conditions to enroll in elective contributions. Participation in GSRA elective contributions allows you to begin putting money away now for your retirement on a convenient, payroll by payroll basis. Moreover, your contributions, as well as earnings on those contributions, are tax deferred until distributed.
As an eligible employee, you have the ability to enroll or make changes at any time during the year. Therefore, should you wish to enroll or make a change to your current enrollment, please complete the attached Agreement for Salary Reduction and return it to Human Resources. Your participation or change will begin as indicated on your completed salary reduction agreement.
As a reminder, you can still begin and/or increase your contribution level for the balance of this calendar year up to the allowed 2012 limits of $17,000 and $5,500 for catch-up.
Should you have any questions, please don't hesitate to contact Human Resources.