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The Internal Revenue Service recently announced the 2009 Maximum Annual Contribution (MAC) limit for retirement plans. That means the MAC limit for the UC Retirement Savings Program's 403(b) Plan and/or 457(b) Plan will increase to $16,500, up from the $15,500 limit in 2008. For employees who are age 50 as of December 31, 2009, the limit will be $22,000, up from the $20,500 limit in 2008. In addition, some employees may be eligible to make additional contributions under the lifetime catch-up provisions of the plans. How to Make Changes Employees who wish to maximize their contributions to each plan may want to increase contributions for 2009 based on the new contribution limits. For details, call Fidelity Retirement Services at (866) 682-7787, or log on to the Fidelity Investments website, select Plan, select Payroll Deductions under "Act" section on the left and then follow prompts. Online transactions can be processed 24 hours a day, 7 days per week. When to Make Changes Employees wishing to change their payroll deduction(s) for the first paydate in 2009 should make note of, and take action during the following processing window(s): Processing Windows for First Paydate of 2009 | | Monthly Payroll | Bi-weekly Payroll | | First 2009 Paydate | 1-2-09 | 1-7-09 | 1-21-09 | | 457(b) | 11-1 thru 11-30 | 11-1 thru 11-30 | 11-1 thru 11-30 | | 403(b) | 11-22 thru 12-14 | 12-18 thru 12-19
(short window due to holidays) | 12-24-08 thru 1-08-09 |
If you have any questions, please call Campus Human Resources, Benefits Services at (310) 794-0830.
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