Supplemental retirement plan limits are increasing in 2018! If you participate in the University 403(b) Plan or State Deferred Compensation (457) Plan, the following information and reminders may be helpful to you.
Increased Limits for 2018
The Internal Revenue Service (IRS) increased the retirement plan contribution limits. The new limits will take effect January 1, 2018 for the University of Illinois’ Supplemental 403(b) Retirement Plan and State of Illinois Deferred Compensation (457) Plan.
- The 2018 contribution limit is $18,500 for both the University 403(b) and the State Deferred Compensation (457) plan.
- The limit increases to $24,500 if you are age 50 or over at the end of the 2018 calendar year.
- You may contribute both traditional (pre-tax) and Roth (after-tax) at the same time, but your combined contributions cannot exceed the 2018 contribution limit for each plan (403(b) and 457).
- You may contribute to the 403(b) and the State Deferred Compensation Plan simultaneously and you may be eligible to make additional contributions in some cases. See the Supplemental Retirement Plan Comparison Chart for more information.
- To change your 403(b) Plan contribution go to the 403(b) self-service application.
- To change your Deferred Comp contribution, complete a change form and submit it to University Payroll and Benefits.
Important for Each Tax Year
If you contributed, in any calendar/tax year, to a retirement plan through another employer, it is your responsibility to monitor your total contributions to all plans to ensure that you do not contribute over the IRS maximum allowed each year.
Questions?
For more information, please see the Retirement & Investment Plans web page. If you need assistance completing forms or have questions, contact University Payroll and Benefits (UPB):
Please do not send forms or documentation that include your Social Security Number as email attachments. Send these via fax or hand-deliver them to UPB.
- Fax: 217-244-3135
- Email: benefits@uillinois.edu
- Urbana: 217-265-6363
- Chicago: 312-996-7200
- Springfield: 217-206-7144
