The IRS recently announced the new 2022 retirement plan contribution limits.
Effective January 1, 2022, you may choose to increase your maximum supplemental/voluntary contributions to your retirement account with TIAA.
- Under the age of 50 $19,500 to $20,500
- Over the age of 50 $26,000 to $27,000
*The first pay period of 2022 is December 26, 2021 thru January 8, 2022 with a pay date of January 14, 2022. When submitting to increase your contribution for year 2022 please date the forms December 26, 2021. 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: $20,500/26 = $788.46 bi-weekly under the age of 50
$27,000/26 = $1038.46 bi-weekly over the age of 50
Annual combined allotted contributions for both mandatory and voluntary pension is $61,000 for under the age of 50 and $67,500 for those over the age of 50.
Please note that you can make changes to your supplemental/voluntary contributions throughout the 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 email@example.com or send to campus box CU Box 5542.
*Beginning in 2022, employees will be able to update their supplemental/voluntary contributions themselves on the TIAA website and the paper forms will dissipate. More information to come soon; keep an eye on the campus noon announcements for updates.
If you have any questions, please email HR at firstname.lastname@example.org.