IRS recently announced the 2020 contribution limits for the UW Tax-Sheltered Annuity (TSA) 403(b) Program and the Wisconsin Deferred Compensation (WDC) 457 Program.
In 2020, employees may contribute a basic maximum of $19,500 to the TSA Program. Employees age 50 and over can contribute an additional $6,500 for a total of $26,000. These same limits apply to WDC. Employees can contribute the maximum to both programs for a total of $39,000 (under age 50) or $52,000 (age 50 or older).
If you have 15 years or more of service with the UW System and have contributed less than an average of $5,000 per year over your UW System employment, you may have an additional “catch-up” opportunity with the TSA Program. Contact Human Resources for more information.
Both pre-tax and Roth (after-tax) contributions count towards the annual limits. Note: Individual Retirement Accounts (IRAs) are a type of retirement account separate from the TSA and WDC Programs and have separate limits.
To increase (or decrease) your TSA deduction for 2020, login to the My UW Portal. Launch the Benefits Information tile. On the bottom of the screen, click on “Update TSA Deductions” to make your change. You can also submit a TSA Salary Reduction Agreement to your human resources office.
If you are enrolling for the first time, you can use the EZ Enrollment Form or set your account up online (or paper application) with the provider(s) of your choice and then fill out the Salary Reduction Agreement.
For questions on the TSA program, visit the TSA website or contact Human Resources at (920) 465-2390 or payrollandbenefits@uwgb.edu.
To change your WDC contribution call the WDC office at (877) 457-9327 or access your account at the WDC website. The WDC website also has information about enrolling in the program. WDC changes must be made with Empower, the third-party WDC plan administrator.