The IRS recently announced the new 2020 retirement plan contribution limits.
Effective January 1, 2020, you may choose to increase your maximum supplemental/voluntary contributions to your retirement account with TIAA from $19,000 to $19,500 for under the age of 50 and from $25,000 to $25,500 for those over the age of 50.
The first pay period of 2020 is December 15, 2019 thru December 28, 2019 with a pay date of January 3, 2020. When submitting to increase your contribution for year 2020 please date the forms December 15, 2019. Any other date will change your contribution based on the date you sign the form.
To determine the amount of your contribution dollar amount you will divide the annual dollar amount you wish to contribute for the year by 26 pay periods.
Example:
$19,500/26 = $750.00 bi-weekly under the age of 50
$25,500/26 = $980.75 bi-weekly over the age of 50
Please note that you can make changes to your supplemental/voluntary contributions up to twice a year by completing a Supplemental Reduction Form or ROTH Reduction Form. Changes do not have to take place during the annual benefits open enrollment period.
Click here for forms:
Voluntary Pre-tax Supplemental Contribution Form
Voluntary ROTH Post-tax Contribution Form
To increase your contribution amount please complete the attached form(s) and return to the HR Office by emailing clarksonhr@clarkson.edu or send to campus box CU Box 5542.
If you have any questions, please contact HR at ext. 6497.
Thank you,
Human Resources
