The IRS maximum annual contribution limit for supplemental retirement plans (403(b), 457(b) and 401(k)) will increase beginning Jan. 1, 2019. All faculty and staff, even those who are not eligible for full benefits (medical, dental, etc.), are able to participate in these supplementary retirement plans.
Starting in 2019, those who are under age 50 may now contribute up to $19,000 per calendar year, and those who are 50 and over may now contribute up to $25,000 per calendar year. You may make changes to your supplemental retirement plan contributions at any time. Please note any changes to your contributions will be reflected on the payroll following the changes. For example, edits made between Dec. 16-29, 2018, will be reflected on the Jan. 11, 2019, paycheck. If you would like your new contribution rate to go into effect with our first 2019 cycle, please make adjustments by Dec. 29, 2018.
Edits to biweekly contribution amounts can be made via my.boisestate.edu (under HR Systems). From the HR self service page, click on “Benefits” and select “Benefits Summary.” The hyperlinks next to each retirement savings plan indicate those in which you currently participate. Click the hyperlinks to change your future contribution amounts.
If you would prefer to submit a paper Salary Reduction Agreement (SRA), the form can be accessed online: https://www.boisestate.edu/hrs/benefits/. Please submit the applicable SRA by email to Benefits@boisestate.edu.