The IRS has changed the maximum voluntary contribution limits for calendar year 2019.
In 2019 you may contribute up to $19,000 in combined pre-tax and post-tax voluntary savings. If you are at least 50 by the end of 2019, you may contribute up to an additional voluntary amount of $6,000 provided you make an election of an allowable catch-up amount on the Salary Reduction Agreement (SRA).
For 2019, the maximum allowable contribution for employee and employer contributions will increase to $56,000 up to $62,000 for those who are age 50 in 2019. In addition, the maximum compensation recognized by the Retirement Program will be $280,000.
If you would like to change your voluntary contribution, complete the attached SRA. You may elect either a flat dollar amount or a percentage on a per-pay-period basis:
- Section 1 of the SRA, enter your bi-weekly pre-tax election.
- Section 2 of the SRA, enter your bi-weekly post-tax Roth election.
- Section 3 of the SRA, enter your over age 50 catch-up election, if you are eligible.
- If the amount elected is greater than your bi-weekly check amount, your form will not be processed.
- You cannot elect “Maximum” or put an annual amount as your election. If you do, the form will not be processed.
Changes will be effective for the next available payroll unless you indicate a later date on the form.
Completed forms can be faxed to 718-817-1756 or emailed to xdeleonfordham.edu.