The Supplemental Retirement Account (SRA) deferral limits have remained the same for calendar year 2017. Therefore, if you are under the age of 50, you may contribute up to $18,000 in 2017. For ages 50 and over the catch up limit remains at $6,000. If you are over the age of 50 you may contribute $18,000, plus an additional $6,000 for a total of $24,000 in 2017. The following information is provided to assist you as you consider starting, maintaining or increasing your contributions. The plans currently available are:
- 401(k), Roth 401(k) and Roth 457(b) only with the Maryland Supplemental Retirement Plans
- 403(b) and 457(b) plans offered by Fidelity Investments, Maryland Supplemental Retirement Plans, and TIAA-CREF
Employees may begin or continue current deductions to either a 401(k) or a 403(b) plan and, in addition, open a 457(b) plan to defer income beyond the maximum permitted with either the existing 401(k) or 403(b) plans. Contributions up to the maximum can be made to both plans (i.e., $18,000 plus $6,000 ($24,000), if over the age of 50, to the 401(k) or the 403(b), and an additional $18,000 plus $6,000 ($24,000), if over the age of 50, to a 457(b)].
You may maximize your deferral amount by using the following chart:
|Pay Frequency||If you are under age 50
|Age 50 and over
$18,000 + $6,000
|Biweekly (26 pays)||$692.30||$923.07|
|Biweekly (22 pays)||$818.18||$1,090.90|
This chart assumes that the deferral election is effective the first pay period in 2017 (pay period ending January 7, 2017). If the deferral election is made in subsequent pay periods, the total amount you wish to defer should be divided by the remaining pay periods in 2017. In this case, it is advisable that you contact a University Human Resources (UHR) Benefits Services Counselor at (301) 405-5654 to assist you with the calculation and the effective date the deferral will begin. The UHR Office of Employee Benefits is located at 1101 Chesapeake Building. If you are currently making a contribution at the 2016 limit or at a lower amount and do not want to make a change, you do not need to do anything. The contribution will roll over to the next year.
Enrollment forms are not required. To enroll, increase, or decrease the biweekly amount contributed to your existing SRA, you will need to complete a Deduction Authorization Form and a Salary Reduction Agreement that corresponds to your appropriate vendor and account type.
By selecting the vendor plan of your choice, you will be able to print both of the required forms necessary to enroll or make changes. Please do not fax or email completed forms. We can only accept signed forms with original signatures.
Please note that for changes to take effect for the January 13, 2017 pay date (PPE January 7, 2017), you should submit your completed original forms to the UHR Office of Employee Benefits no later than December 9, 2016.
Should you have any questions, or if you need assistance, please contact the University Human Resources Office of Employee Benefits at (301) 405-5654 to speak to a Benefits Services Counselor.
Last updated: October 28, 2016