The Internal Revenue Service recently announced that the 2014 Maximum Annual Contribution (MAC) limit for retirement plans is not changing. That means the MAC limit for the UC Retirement Savings Program's 403(b) Plan and/or 457(b) Plan will remain at $17,500.
For employees who are age 50 as of Dec. 31, 2014, the limit will be $23,000. In addition, some employees may be eligible to make additional contributions under the lifetime catch-up provisions of the plans.
Employees who wish to maximize their contributions to each plan may want to increase contributions for 2014 based on these contribution limits. Call Fidelity Retirement Services (1-866-682-7787) for details.
Those who wish to change payroll deductions for the first pay date in 2014 should check with their local payroll offices regarding deadlines for contribution changes.