The IRS has announced that limits for 403(b) plans will not change for 2021. The annual base limit for 2021 remains at $19,500. Employees over the age of 50 or turning 50 in 2021 may make an additional contribution of $6,500 for a maximum contribution of $26,000.
Contribution changes need to be completed online. Go to www.tiaa.org/canisiuscollege. The online system will accept future date changes.
- Click on “Log In” in the upper right hand corner and log in using your username and password for TIAA.
- Once logged into the system, click “Actions” at the top of the page
- Next click on the tab labeled “Contributions”
- Click on “Contribute to Your Retirement Plan”
- Click the yellow tab labeled “Manage My Contributions”
- Next, click the yellow tab “Manage Contributions”.
Enter the new percentage and select the date you would like the new contribution to begin and submit your change. You will receive a confirmation from TIAA at that time, which you can print for your records.
Submitted by: Dawn Rotterman, benefit manager, Human Resources