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Report 2019 contributions to outside retirement plans by April 1

Feb. 7, 2020, 2:46 AM

Form 415 Retirement Plan Contributions

To help employees avoid taxes and penalties, Human Resources collects information each spring regarding contributions made to outside retirement plans to help ensure employees don’t exceed IRS limits.

If you contribute to a non-Vanderbilt University retirement plan through an outside business in which you are at least a 50 percent owner, you should report your 2019 contributions to Human Resources by April 1.

To find out if this applies to you, answer these questions:

  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 “yes” to all three questions, please complete and submit the Internal Revenue Code Section 415(c) Aggregation Form to HR by April 1, 2020. While you are responsible for reporting your retirement contributions to the IRS, HR may be able to help you avoid taxes and penalties by collecting this information.

If you answered “no” to any of the above questions, you have no action to take.

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.