About Contributions - Employee Savings 403 (b)(7)
there limits to how much I can contribute?
There are limits to how much you can contribute. These limits are determined by IRS rules and regulations.
- Generally, your voluntary contribution to the 403(b)(7) program is limited to $17,500 in 2014.
- The overall limit for combined retirement contributions to your own 403(b)(7) plan plus contributions from SPU to your 401(a) plan is the lesser of 100% of your salary or $52,000. SPU contributes 9% of salary to the 401(a) plan for eligible employees.
- The 15-year rule continues to apply, allowing employees with 15 or more years of service at SPU to make up to $3,000 in voluntary contributions beyond the basic $17,500. Prior contributions made under the 15-year rule are taken into account and a calculation must be performed to determine your personal maximum contribution. If your service exceeds 15 years and you want to contribute more than $17,500 please contact Transamerica at 1-888-676-5512, or automated system at 1-800-755-5801.
- For individuals over age 50, an additional contribution of $5,500 to the 403(b)(7) program is allowed.
- You may take advantage of both the 15-year rule and the over-age-50 rule. If both rules apply the 15-year rule would be applied first, then the over age 50 rule.
I change the amount I am contributing once I am enrolled?
The amount you are contributing can be changed at your discretion. In order to do this, you will need to contact Transamerica at 1-888-676-5512 for a live person between 5am and 6pm PST, or the automated system at 1-800-755-5801, or visit the web site at
https://www.trsretire.com . The change will be processed and reported to SPU weekly, please note that there may be a one month delay in the change due to the SPU payroll processing deadline.
I cancel my contributions, are there any restrictions about
beginning contributions again?
No. Contributions may be reactivated at any time by contacting Transamerica. The change will be processed and reported to SPU weekly, please note that there may be a one month delay in the change due to the SPU payroll processing deadline.