Return of Excess Contributions Forms Due April 1, 2017

401(k) plans and 403(b) plans are subject to the same IRS limit.

That means you could only contribute a total of $18,000 ($24,000 if you were over age 50) to the UC 403(b) Plan, along with any other 401(k) or 403(b) plan for 2016. However, you could have contributed an additional $18,000 ($24,000 if you were over age 50) to the UC 457(b) Plan in 2016.

Contributing too much may have happened if you worked for another employer or at another UC campus during 2016. So if you changed jobs or moved campuses, check to see if you went over the limit.

To view your UC 403(b) Plan account, call a Fidelity Retirement Services representative at 1-866-682-7787 or log in to NetBenefits. You can check your account in a previous employer’s 401(k) or 403(b) plan by calling that plan’s service provider.

If you contributed more than the IRS limit to UC's 403(b) and/or 457(b) Plan accounts in 2016, you will need to submit a Return of Excess Contributions form (available from Fidelity) before April 1, 2017.  The form needs to be reviewed and approved by UC. Please forward your completed form to: UC Vendor Relations Management, P.O. Box 24570, Oakland, CA 94623, or fax it to 1-510-291-9945, to be received before the April 1 deadline.

Excess Contributions and Taxes

Submitting the form by April 1, 2017, allows the Plan(s) to reimburse you for your excess contributions, plus any earnings related to those contributions, before the IRS deadline of April 18.

Note:

  • Any amount contributed above the limit should normally be included in your 2016 taxable earnings.
  • The reimbursement of your excess contributions from the Plan(s) will not be subject to early withdrawal penalties.

Questions?

If you have questions about your limits, tax treatment of excess contributions, or filing your income taxes, please consult a professional tax advisor. If you have questions about submitting a Return of Excess Contributions form—or if you need a copy of the form—call Fidelity Retirement Services at 1-866-682-7787.

The University of California intends to continue the benefits described here indefinitely; however, the benefits of all employees, retirees, and plan beneficiaries are subject to change or termination at the time of contract renewal or at any time by the University or governing authorities.  If you belong to an exclusively represented bargaining unit, some of your benefits may differ from the ones described here.

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