UC helps you save for your future with the UC Retirement Savings Program.
Because you have two ways to contribute pretax dollars to your Savings Plan accounts -- the UC 403(b) and 457(b) Plans -- you can already double the pretax IRS limit of $18,000 for 2017.
But if you're 50 or older, the plans let you contribute even more.
If you are age 50 or older and making the maximum Plan contributions or reaching the IRS pretax limit, you can make additional pretax “catch-up” contributions. That means you can contribute up to $24,000 in each plan in 2017.
As an added bonus, the UC 403(b) and 457(b) Plans have “lifetime” and “special” catch-up provisions that may let you contribute even more. Here’s how they work:
Since all of these contributions are pretax, it means you’re also lowering your taxable income. The savings is twofold: you pay less current income tax, and you’re putting more money toward your future.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.
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