Did you know that 401(k) plans and 403(b) plans are subject to the same IRS limit?
That means you can only contribute a total of $18,000 ($24,000 if you are over age 50) to the UC 403(b) Plan along with any other 401(k) or 403(b) plan for 2016.
However, you can contribute an additional $18,000 ($24,000 if you are over age 50) to the UC 457(b) Plan.
Contributing too much may happen 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 are over the limit.
To check your UC 403(b) and/or 457(b) Plan accounts, call a Fidelity Retirement Services representative at 1-866-682-7787 or sign in to myUCretirement.com and select Go to NetBenefits under My Account. 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.
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 15. Note:
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.
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