On October 31, 2013, the IRS announced cost of living adjustments (COLAs) affecting the dollar limits for pension plans and other retirement related items for the 2014 tax year. The 403(b) elective maximum deferrals will remain the same for 2014 as follows:
|Elective Deferral ||$17,500 |
|Age 50+ Catch-up ||$5,500* |
|15 Service Years Catch-up ||Contact TIAA-CREF for details |
|*beyond basic limit of elective deferrals |
These maximum deferral amounts are over and above the mandatory 5% employee contribution required (for certain employees) and Bennington College’s employer contribution. 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 tiaa-cref.org. 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).