Voluntary retirement contribution limits raised for 2009
From the Human Resources Benefits Office
Here is some good news for the New Year. The amount you can contribute to your Voluntary Retirement Plan account on a tax-deferred basis will increase in 2009. This is a golden opportunity to boost your savings for retirement while reducing your current taxable income.
In 2009, the maximum contribution amount is $16,500. If you are 50 years of age or older, you can contribute an additional $5,500 for a total of $22,000.
Contributing just a little each week could help increase your retirement savings; plus, your pre-tax contributions allow you to reduce your federal income taxes!
To increase your existing contribution, complete a Salary Reduction Agreement (get a copy of the form online) and submit it to the Human Resources Department.
To participate in the Voluntary Retirement Plan for the first time, you must complete an Enrollment Application and a Salary Reduction Agreement from the Human Resources Department.
To help plan and calculate the impact of contributions, you can go to the following Web sites:
Questions? Contact the Benefits Office, (651) 962-6497.