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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 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).