Increased Retirement Contribution Limits
The maximum contribution limits for Supplemental Retirement Accounts (SRA) will be increasing for calendar year 2009. The maximum amount allowed by the IRS will be $16,500 (versus $15,500 in 2008) for individuals under age 50.
The catch-up contribution amount for employees who will be at least 50 years of age by December 31, 2009 has also increased to $5,500 from $5,000. The total increased limit is now $22,000 ($16,500 plus the $5,500 catch-up) for individuals age 50 and above.
WVU offers both the 403(b) and 457(b) Supplemental Retirement Accounts. If you wish to enroll in both accounts, you could contribute $16,500 in the 403(b) and $16,500 in the 457(b) if you are under age 50 and $22,000 in the 403(b) and $22,000 in the 457(b) if you are age 50 and above.
To increase or decrease the amount being deducted from your pay for 2009, please complete the attached Salary Reduction Agreement to the WVU Benefits Office, PO Box 6640, One Waterfront Place, Morgantown, WV 26506-6640. The form is also available on the WVU HR Website at http://www.hr.wvu.edu/forms.cfm.
If you go to the HR website, click on HR Forms and print off a copy, complete it, and return it to the address above. If you do not complete and submit the Salary Reduction Agreement, your current deduction amount will not change.
Please contact WVU Parkersburg's Human Resources, or Jim Whetsel, Sr. Benefit Specialist, at 304-293-9628, or the Benefits office 304-293-5700 ext 4, if you have any questions regarding your SRA.
11/5/08