Voluntary Supplemental Retirement Plans
Voluntary contributions to supplemental retirement plans may be payroll deducted on a pre-tax basis. This may help to reduce your tax bracket currently or in the future. In order to calculate if your current savings will meet your retirement needs, click on the Planning Tools link to the left and it will lead you to the appropriate calculators and to see how your paycheck is affected. If you need help using the calculators, contact us or the carriers.
The voluntary plans and carriers are as follows:
|
403(b) |
457(b) |
401(k) |
American Century |
X |
X |
|
Deferred Comp |
|
X |
X |
Fidelity |
X |
X |
|
ING |
X |
X |
|
TIAA-CREF |
X |
X |
|
Contribution Limits: This is the maximum amount of money an individual can put away into any one of the Voluntary Supplemental Retirement Plans.
Year |
Normal Limit |
Catch-up Limit * |
Total Amount Allowed |
2002 |
$11,000 |
$1,000 |
$12,000 |
2003 |
$12,000 |
$2,000 |
$14,000 |
2004 |
$13,000 |
$3,000 |
$16,000 |
2005 |
$14,000 |
$4,000 |
$18,000 |
2006 |
$15,000 |
$5,000 |
$20,000 |
2007 |
$15,500 |
$5,500 |
$21,000 |
2008 |
$15,500 |
$5,000 |
$20,500 |
*Catch-up is available in the year an employee turns age 50.
Forms: An application and appropriate SRA is to be filled out when starting a Voluntary Plan.
- 403(b) Salary Reduction Agreement
- 457(b) Salary Reduction Agreement
- Applications are available through your college Human Resources office or Deferred Compensation
Contribution Limits: This is the maximum amount of money an individual can put away into a Traditional IRA or Roth IRA. These plans can be started through banks or various investment institutions.
Year |
Normal Limit |
Catch-up * |
Total |
2002 |
$3,000 |
$500 |
$3,500 |
2003 |
$3,000 |
$500 |
$3,500 |
2004 |
$3,000 |
$500 |
$3,500 |
2005 |
$4,000 |
$500 |
$4,500 |
2006 |
$4,000 |
$1,000 |
$5,000 |
2007 |
$4,000 |
$1,000 |
$5,000 |
2008 |
$5,000 |
$1,000 |
$6,000 |
*Catch-up is available in the year an employee turns age 50.
Legal Information
THE INFORMATION AND CONTENT PROVIDED ON THIS WEBSITE IS GENERAL IN NATURE AND FOR INFORMATIONAL PURPOSES ONLY. THE INFORMATION AND PRODUCTS MADE AVAILABLE TO YOU ARE NOT INTENDED TO BE AND SHOULD NOT BE CONSTRUED AS: i.) A RECOMMENDATION; ii.) LEGAL OR TAX ADVICE, or iii.) A LEGAL OPINION. KCTCS DOES NOT PROVIDE LEGAL OR TAX ADVICE. YOU SHOULD CONTACT YOUR LEGAL OR TAX ADVISOR REGARDING YOUR SPECIFIC TAX SITUATION PRIOR TO TAKING ANY ACTION BASED UPON THIS INFORMATION.
|
