IRS announces 2014 retirement plan contribution limits

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Each year, the Internal Revenue Service adjusts the limits for retirement plan contributions to reflect price and wage inflation. For the 2014 calendar year, the limits are as follows:

  • Individuals can contribute up to $17,500.
  •  Individuals age 50 or older can contribute an additional $5,500, for a maximum of $23,000.

To change your contribution amount for 2014, complete the Retirement Plan Election Form and return it to Human Resources by Dec. 31, 2013. (Note that you can change your contribution amounts once per quarter.)

While you’re thinking about your retirement contributions for 2014, keep in mind that the IRS requires employees to report outside retirement contributions. If you own a controlling interest in, and make retirement contributions with, an outside for-profit business, you will need to complete a 415(g) Aggregation Form.

Learn more on the Retirement Plan website. If you have questions, contact the Employee Service Center at human.resources@vanderbilt.edu or 343-7000.

Contact: Employee Service Center, (615) 343-7000
human.resources@vanderbilt.edu