The IRS recently announced the new 2021 retirement plan contribution limits.
Effective January 1, 2021 the limits are:
- $19,500 annually under the age of 50
- $26,000 annually over the age of 50
If you would like to change or increase your supplemental voluntary contributions to your retirement account with TIAA please, complete the ‘supplemental pre-tax’ or ‘Roth post-tax’ forms attached below or click here for form location.
The first pay period of 2021 is December 27, 2020 thru January 9, 2021 with a pay date of January 15, 2020. When submitting to increase your contribution for year 2021 please date the forms December 27, 2020. 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
$26,000/26 = $1000.00 bi-weekly over the age of 50
Annual combined allotted contributions for both mandatory and voluntary pension is $58,000 for under the age of 50 and $64,500 for those 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.
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