The IRS announced the limits for 403(b) plans will not change for 2016. As a reminder the limits are as follows:
• Base amount maximum is $18,000
• For those 50 years and older the maximum is $24,000
• Faculty and staff with 15 years of service may be eligible to contribute an additional $3,000. Please contact Human Resources for this item to verify if you qualify.
Remember that you may change your contribution amount four times in a calendar year. If you wish to make a change, you will need to complete a new salary reduction agreement. This form may be found on MyCanisius under WebHR, HR Forms and Documents, under the folder titled “Other Benefits.”
If you have any questions, please contact Dawn Rotterman at Ext. 3151 or by email at rottermd@canisius.edu.
Submitted by: Dawn Rotterman, benefits specialist, human resources
