Federal Contribution Limits Sample Clauses

Federal Contribution Limits. TSA contributions are subject to annual limits determined under Internal Revenue Code (IRC) sec. 402(g) and 415(c). In 2020, the limit is $19,500 (or 100% of UW compensation, if less). If you are age 50 or older in 2020, you may contribute an additional $6,500. The limits may be indexed annually in $500 increments based on the Consumer Price Index. The IRS publishes the limits in the last quarter of the year for the following year. If you have 15 years of UW employment, you may be eligible to contribute a further $3,000: ask your human resources office about this option; not everyone with 15 years of service is eligible. The website xxx.xxxxxxxxx.xxx/xxxxx/xxxxxxxx/xxx/xxx/#xxxxxx also lists annual limits. Your UW TSA limit is reduced dollar for dollar by any contribution you make to another 403(b), 401(k), Federal Thrift Savings, salary reduction SEP, or SIMPLE plan. If you own more than 50% of a business, retirement contributions made on your behalf by that business must be aggregated with your UW TSA contributions toward the 415(c) limit – $57,000 in 2020. Please contact TSA staff at xxxxx@xxxx.xxx to be sure you have not exceeded IRS contribution limits. Contributions to a 457 (Deferred Compensation) plan or to a traditional or Xxxx XXX do NOT affect your TSA limit. Over-contributions may result in tax penalties. You are solely responsible for the tax consequences of authorizing any salary reduction that exceeds the amounts allowed by law. It is your responsibility to monitor your annual salary reductions to ensure that they are in compliance with the IRC provisions and bring any over-contributions or changes in employment status to the attention of your human resources office.
Sample 1
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Federal Contribution Limits. Contributions are subject to annual limits determined under Internal Revenue Code (IRC) sec. 402(g) and 415(c). To learn about this year's Federal Contribution Limits, go to xxx.xxxxxxxxxxx.xxx/xxxxxx. These limits may be indexed annually in $500 increments based on the Consumer Price Index. The IRS publishes the limits in the last quarter of the year for the following year. If you have 15 years of employment with your current employer, you may be eligible to contribute an additional $3,000: contact PlanConnect to determine if you are eligible. Your contribution limit is reduced dollar for dollar by any voluntary contribution you make to another 403(b), 401(k), Federal Thrift Savings, salary reduction SEP, or SIMPLE plan. Contributions to a 457 (Deferred Compensation) plan or to a traditional or Xxxx XXX do NOT affect this limit.
Sample 1
Federal Contribution Limits. TSA Contributions are subject to annual limits determined under Internal Revenue Code (IRC) sec 402(g) and 415(c). In 2009, your limit is $16,500 (or 100% of UWHC Authority compensation if less). If you will be age 50 or older in 2009, you may contribute an additional $5,500. The IRS publishes the limits in the last quarter of the year for the next year. Your TSA limit is reduced dollar for dollar by any voluntary contribution you make to another 403(b), 401(k), Federal Thrift Savings, salary reduction SEP or SIMPLE plan. Contributions to a 457 (Deferred Compensation) plan or to a traditional or Xxxx XXX do NOT affect your TSA limit. Over-contributions may result in tax penalties. You are solely responsible for the tax consequences of authorizing any salary reduction that exceeds the amounts allowed by law. It is your responsibility to monitor your annual salary reductions to ensure that they are in compliance with the IRC provisions and bring any over-contributions or changes in employment status to the attention of UWHC Human Resources Benefits.
Sample 1
Federal Contribution Limits. Contributions are subject to annual limits determined under Internal Revenue Code (IRC) sec. 402(g) and 415(c). To learn more about this year's Federal Contribution Limits, go to xxxx://xxx.xxxxxxxxxxx.xxx/limits. These limits may be indexed annually based on the Consumer Price Index. The IRS publishes the limits in the last quarter of the year for the following year. If you have 15 years of employment with your current employer, you may be eligible to contribute an additional $3,000: contact PlanConnect to determine if you are eligible. Your contribution limit is reduced dollar for dollar by any voluntary contribution you make to another 403(b), 401(k), Federal Thrift Savings, salary reduction SEP, or SIMPLE plan. Contributions to a 457 (Deferred Compensation) plan or to a traditional or Xxxx XXX do NOT affect your contribution limit. To learn more about the different types of contributions go to xxxxx://xxx.xxx.xxx/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-Contributions.
Sample 1
Federal Contribution Limits. Contributions are subject to annual limits determined under IRC sections 402(g) and 415(c). The contribution limit is reduced dollar for dollar by any voluntary contribution made to another 403(b), Xxxx 403(b), 401(k), Federal Thrift Savings, salary reduction SEP, or SIMPLE plan. Contributions to a 457(b) plan or to a traditional or Xxxx XXX do not affect the limit. Over-contributions may result in tax penalties. Employees are responsible for the tax consequences of authorizing any salary reduction that exceeds the amounts allowed by law. Employees must monitor annual salary reductions to ensure that they are in compliance with the IRC provisions and bring any over-contributions or changes in employment status to the attention of the University’s benefits office. The University reserves the right to adjust and/or discontinue reductions to comply with various IRC contribution limitations.
Sample 1
Federal Contribution Limits. TSA contributions are subject to annual limits determined under Internal Revenue Code (IRC) sec. 402(g) and 415 (c). In 2014, your limit is $17,500 (or 100% of UW compensation, if less). If you are age 50 or older in 2014, you may contribute an additional $5,500. The limits may be indexed annually in $500 increments based on the Consumer Price Index. The IRS publishes the limits in the last quarter of the year for the following year. If you have 15 years of UW employment, you may be eligible to contribute a further $3,000: ask your staff benefits office about this option; not everyone with 15 years of service is eligible. The website xxxx://xxx.xxxx.xxx/ohrwd/benefits/ret/tsa/#limits also lists annual limits. Your TSA limit is reduced dollar for dollar by any voluntary contribution you make to another 403(b), 401(k), Federal Thrift Savings, salary reduction SEP, or SIMPLE plan. Contributions to a 457 (Deferred Compensation) plan or to a traditional or Xxxx XXX do NOT affect your TSA limit. Over-contributions may result in tax penalties. You are solely responsible for the tax consequences of authorizing any salary reduction that exceeds the amounts allowed by law. It is your responsibility to monitor your annual salary reductions to ensure that they are in compliance with the IRC provisions and bring any over-contributions or changes in employment status to the attention of your UW staff benefits office.
Sample 1

Related to Federal Contribution Limits

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • Contribution Rates ‌ The Employer's contribution rate to the pension fund shall be 8% of each employee's gross monthly earnings. The Employer shall also deduct from each eligible employee's gross monthly earnings 6% and remit that amount together with the Employer's required contribution on behalf of each employee to the pension fund.

  • Average Contribution Amount For purposes of this Agreement, to ensure that all employees enrolled in health insurance through the City’s HSS are making premium contributions under the Percentage-Based Contribution Model, and therefore have a stake in controlling the long term growth in health insurance costs, it is agreed that, to the extent the City's health insurance premium contribution under the Percentage-Based Contribution Model is less than the “average contribution,” as established under Charter section A8.428(b), then, in addition to the City’s contribution, payments toward the balance of the health insurance premium under the Percentage-Based Contribution Model shall be deemed to apply to the annual “average contribution.” The parties intend that the City’s contribution toward employee health insurance premiums will not exceed the amount established under the Percentage-Based Contribution Model.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Annual Contributions □ Check enclosed in the amount of $ representing current contribution for tax year 20 . This contribution does not exceed the maximum permitted amount for the year of contribution as described in the Xxxx XXX Disclosure Statement. If no tax year is indicated, contribution will automatically apply to current year.

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Tax Credit for Contributions You may be eligible to receive a tax credit for your IRA contributions. This credit will be allowed in addition to any tax deduction that may apply, and may not exceed $1,000 in a given year. You may be eligible for this tax credit if you are • age 18 or older as of the close of the taxable year, • not a dependent of another taxpayer, and • not a full-time student. The credit is based upon your income (see chart below), and will range from 0 to 50 percent of eligible contributions. In order to determine the amount of your contributions, add all of the contributions made to your IRA and reduce these contributions by any distributions that you have taken during the testing period. The testing period begins two years prior to the year for which the credit is sought and ends on the tax return due date (including extensions) for the year for which the credit is sought. In order to determine your tax credit, multiply the applicable percentage from the chart below by the amount of your contributions that do not exceed $2,000. 2019 Adjusted Gross Income* Applicable Percentage Joint Return Head of a Household All Other Cases $1–38,500 $1–28,875 $1–19,250 50 $38,501–41,500 $28,876–31,125 $19,251–20,750 20 $41,501–64,000 $31,126–48,000 $20,751–32,000 10 Over $64,000 Over $48,000 Over $32,000 0 2020 Adjusted Gross Income* Applicable Percentage Joint Return Head of a Household All Other Cases $1–39,000 $1–29,250 $1–19,500 50 $39,001–42,500 $29,251–31,875 $19,501–21,250 20 $42,501–65,000 $31,876–48,750 $21,251–32,500 10 Over $65,000 Over $48,750 Over $32,500 0 *Adjusted gross income (AGI) includes foreign earned income and income from Guam, America Samoa, North Mariana Islands, and Puerto Rico. AGI limits are subject to cost-of-living adjustments each year.

  • Retirement Contribution The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications. Corrections Firearms Instructor Oil & Hazardous Material Responder I Oil & Hazardous Material Responder II

  • Maximum Contribution The total amount you may contribute to an IRA for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,000 for 2019 and 2020, with possible cost- of-living adjustments each year thereafter. If you also maintain a Xxxx XXX (i.e., an IRA subject to the limits of Internal Revenue Code Section (IRC Sec.) 408A), the maximum contribution to your Traditional IRAs is reduced by any contributions you make to your Xxxx IRAs. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation.

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