On October 24, 2014, the IRS announced cost-of-living adjustments (COLAs) affecting the dollar limits for pension plans and other retirement related items for the 2015 tax year. The 403(b) elective maximum deferrals for 2015 are as follows:

  • Elective deferral—$18,000
  • Age 50+ Catch up—$6,000 (beyond basic limit of elective deferrals)
  • 15 Service Years Catch up—Please contact TIAA-CREF for calculation

These maximum deferral amounts are over and above the mandatory 5% employee contribution required (for certain employees) and Bennington College’s employer contribution. For a complete list of the new limits for 2015, click here.

Bennington College encourages all employees to consider saving for retirement. To learn more or to receive a Maximum Salary Reduction Calculation, please call TIAA- CREF at 888-842-7782 or visit If you would like to make changes to your supplemental contribution, please fill out the Salary Reduction Agreement and return to Noel Volpi in the Payroll Office (Barn 101).