Important information for those who have a TIAA-CREF account!

02/02/12

The following are the 2012 maximum contribution amounts allowed for 403(b) plans as announced by The IRS.

• If you are under 50 years of age, your new maximum is $17,000 (up $500 from last year).
• If you are 50 years of age or above, or you will be age 50 by the end of the taxable year, your new maximum is $22,500.
• If you have 15 years or more of service with Ithaca College, you may have an additional “catch-up” opportunity. Check with Alison Bowman in the Employee Benefits & Work/Life Department to see if you are eligible.

If you contributed the maximum for 2011, you will need to make an adjustment to your contributions if you wish to continue to contribute the maximum allowed in 2012 since it has increased. This will NOT be done automatically for you. It is the employee’s responsibility to check their paycheck to determine if the appropriate amount is being withheld and to report any discrepancies immediately to the Office of Human Resources so that timely corrections can be made.

If you are interested in making any changes to your TIAA-CREF account or have any questions regarding your TIAA-CREF contributions, please contact Alison Bowman (abowman@ithaca.edu or 274-1208) in Human Resources.

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