The Annual Limits for both the Tax Deferral Plan a 403(b) plan) and the 457(b) plan will increase in 2018 to $18,500. (The additional Special Catch Up amount of $6000 for those 50 years or older for the TDA plan will continue.)
To make changes or elections for all of 2018, you will have to make them during the following periods:
Making an election for all 26 paychecks for 2018 you should make the 2018 election any time between December 22, 2017 and January 4, 2018. The first deduction will appear on the first check for 2018, which will be paid on January 12, 2018. Any elections made after January 4, 2018, will be divided by the remaining biweekly pay periods for 2018.
Making any changes for 2018 deductions should be done no sooner than January 1, 2018 and prior to the monthly pay run, which is scheduled for the third week in January. Any elections made after the January payroll has been processed will be divided over the eleven remaining months for 2018.
You must enter an annual goal amount and not a per pay period amount. The system will automatically divide the goal amount by the number of remaining paychecks for the year (once you hit “recalculate” you will be able to see the per paycheck amount displayed under the “pretax” header, for the remainder of the tax year.)
If you do nothing your annual retirement plan contributions for 2018 will remain the same as the last election, you entered for the 2017 calendar year.
For step-by-step instructions about how to make your 2018 elections, click HERE.
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If you have any questions, please contact our Celeste Wertz at (504) 247-1775 or email@example.com.