Employees who contribute to a non-Vanderbilt retirement plan through outside businesses in which they are at least a 50 percent owner need to report their contributions to Human Resources by April 1.
To help employees avoid taxes and penalties, HR collects information each spring regarding contributions made by employees to outside retirement plans to help ensure they don’t exceed IRS limits. Those who contribute to a non-Vanderbilt retirement plan through outside businesses in which they are at least a 50 percent owner need to complete the Internal Revenue Code Section 415(c) Aggregation Form. This form collects information relevant to Section 415(c) of the Internal Revenue Code.
To find out if this applies to you, answer these questions:
- Are you eligible to participate in the Vanderbilt University Retirement Plan?
- Do you own a controlling interest (more than 50 percent) in a for-profit business, including sole proprietorship and/or consulting?
- Do you contribute to a qualified retirement plan—such as a 401(k), 401(a) or 403(b)—or simplified employee pensions (SEPs) and Keogh plans through that business?
If you answered “yes” to all three questions, please complete and submit the Internal Revenue Code Section 415(c) Aggregation Form to HR by April 1, 2014. While you are responsible for reporting your retirement contributions to the IRS, by collecting this information HR may be able to help you avoid taxes and penalties.
If you answered “no” to any of the three questions, you have no action to take.
See the IRS website for more information about Section 415.
If you have questions, please contact the Employee Service Center at firstname.lastname@example.org or (615) 343-7000.