The IRS announced that because inflation has been very low, there are no cost-of-living adjustments (COLA) to the dollar limitations for contributions to the Tax-Sheltered Annuity 403(b) Program in 2011. (The same limits as 2010.)
For 2011 University of Wisconsin employees may contribute a maximum of $16,500 to the Tax-Sheltered Annuity 403(b) Program. Employees age 50 and over can contribute an additional $5,500 for a total of $22,000. If you have 15 years or more of service with the UW, you may have an additional “catch-up” opportunity. Check with your human resources/benefits office to see if you are eligible. For more information see the web page on TSA limits at http://www.uwsa.edu/hr/benefits/retsav/limits.htm.
Employees currently enrolled in the program can easily change TSA contributions for 2011 by submitting a Salary Reduction Agreement (SRA) to their human resources/benefits office. The SRA is found on the web at http://www.uwsa.edu/hr/benefits/retsav/sraform.pdf.
If signing up for the TSA program for the first time, information can be found at http://www.uwsa.edu/hr/benefits/retsav/tsaenroll.htm.
In order to have these deduction amounts taken from each paycheck throughout 2011, please have your TSA Salary Reduction Agreement in your human resources/benefits office in early December. Clearly mark the form as calendar year 2011.
Please click on the following link to view the dollar amount maximums: http://www.uwgb.edu/hr/benefits/2011 Maximum Contributions TSA.pdf
Please e-mail benefits@uwgb.edu or call 465-2390 if you have any questions.