Beginning January 1, 2019, there will be increases to the maximum employee contributions to your retirement plans for the tax-deferral 403(b) and 457(b) plans.
Tax-Deferral 403(b) plan – The maximum employee contribution to your retirement plan is increased to $19,000. If you are age 50 or older by the end of 2019, you can contribute an additional $6,000, for a total possible contribution of $25,000.
457(b) plan – Employees earning at least $210,000 in calendar year 2018 or expected to earn at least $210,000 in calendar year 2019 are eligible to participate in the 457(b) plan. The maximum elective contribution for 2019 is $19,000. There are no special Age 50 catch up provisions under this plan.
Note: to make any changes to your deferral elections for the retirement plan for 2019, you will need to wait until after your final paycheck in 2018. For employees paid on a bi-weekly basis – that means waiting until after December 21, 2018. For employees paid on a monthly basis – please wait until after December 31, 2018.
You may visit the retirement page for more information and to learn about plan types, eligibility, how to enroll and how & when to make changes to your retirement account.
For questions, please contact the Office of Human Resources by email at email@example.com or by phone at 504-865-4748 (HR4U).