HR Today for Thursday, Jan. 8, 2015

HR Today

Retirement plan limits – maximum contribution limits for 2015: The maximum combined employee and employer contribution allowed under IRC 403(b) for 2015 is $53,000. An additional $6,000 is allowed if you are age 50 or above as a “Catch-up” Contribution.

The maximum amount you can contribute to your VIP, based upon the retirement plan in which you are participating as a WWU employee, is as follows:

PERS/TRS/LEOFF participants, or those with no retirement plan:

  • $18,000 - If you are under age 50

  • $24,000* - If you are age 50 or over

WWU Retirement Plan participants:

  • $18,000 - If you are under age 50

  • $24,000* -If you are age 50 or older, and contribute 10-percent of your gross income to the WWURP and as long as you do not exceed the maximum combined employee and employer contribution of $53,000 as allowed under IRC 403(b).

Contributions under other employer plans also count towards the limits as do certain individual plans. If you have contributed to a plan with another employer in the same tax year, please notify the WWU Benefits Office immediately so that your limit can be evaluated.

*The VIP maximum contribution amount shown above includes the Age 50 “Catch–up Contribution” of $6,000.

The 2014 HR Org Chart is attached below in PDF form.