The Internal Revenue Service annually reviews and adjusts the limits for employee retirement plan contributions. For the 2019 calendar year, the limits are as follows:
- Individuals can contribute up to $19,000
- Individuals age 50 or older can contribute an additional $6,000, for a maximum of $25,000
This limit applies to all voluntary contributions you make to the Vanderbilt University 403(b) Retirement Plan and any other employer-sponsored plan within the calendar year. Your 3 percent mandatory retirement contribution does not count against the annual limit. Vanderbilt’s mandatory and voluntary matching contributions on your behalf also do not count. For your convenience, the Oracle HR/payroll system will automatically stop deducting contributions from your paycheck once you reach the IRS limit for your age.
Log into Fidelity NetBenefits to review or change your contributions for 2019.
You can get the guidance you need to help plan for your future by meeting one-on-one on campus or over the phone with a Fidelity planning and guidance consultant. Eligible employees can schedule the consultation online at NetBenefits, or call 800-642-7131.