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Voluntary contribution limits for retirement increased for 2018

After reviewing the limits for retirement plan contributions, the IRS has announced the voluntary limits will increase in 2018 to $18,500.

The voluntary limits for 2018 are as follows:

  • Individuals can contribute up to $18,500.
  • Individuals age 50 or older can contribute an additional $6,000, for a maximum of $24,500.
  • The limit on annual additions (the combination of all employer contributions and employee elective deferrals to all 403(b) accounts) generally is the lesser of:

Reminders:

If you recently adjusted your contributions in order to meet the IRS limits for 2017, be sure to review those contributions and make any necessary adjustments for 2018. In order to see those adjustments on your first 2018 paycheck, you will need to log into www.netbenefits.com/vumc and make the change before November 30, 2017.

As a reminder, the above limits apply to all voluntary contributions made to the Vanderbilt University Medical Center 403(b) Retirement Plan and any other employer-sponsored plan within the calendar year. Mandatory contributions do not count toward the annual limit.

If you reach the IRS limit for your age, VUMC’s payroll processing system will automatically stop deducting contributions from your paycheck. 

You can log into www.netbenefits.com/vumc to review or change your contributions at any time.

Contact the Employee Service Center if you have questions. 


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