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Report outside retirement contributions to HR by April 1

Feb. 15, 2019, 6:52 AM

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To help employees avoid tax penalties, Human Resources collects information each spring regarding contributions made to outside retirement plans to help ensure they do not exceed IRS limits.

If an employee contributes to a non-Vanderbilt University retirement plan through an outside business in which they are at least a 50 percent owner, they must report 2018 contributions to Human Resources by April 1.

This applies if the answer to the following questions is “yes”:

  1. Are you eligible to participate in the Vanderbilt University 403(b) Retirement Plan?
  2. Do you own a controlling interest (more than 50 percent) in a for-profit business, including sole proprietorship and/or consulting?
  3. 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 “no” to any of the above questions, no action is needed.

If you answered “yes,” please complete and submit the Internal Revenue Code Section 415(c) Aggregation Form by April 1, 2019.

While employees are responsible for independently reporting retirement contributions to the IRS, HR may be able to help you avoid tax penalties by collecting this information.

See the IRS website for more information about Section 415, or the HR website for more information about the Vanderbilt University Retirement Plan.

If you have questions, please contact Human Resources.

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