Contribute More to Your Retirement – IRS Raises 2019 Limit
November 08, 2018
The IRS recently announced new contribution limits for retirement accounts, including the Voluntary Retirement Savings Program (VRSP).
Beginning January 1, 2019, the maximum annual contribution for the VRSP will increase from $18,500 to $19,000 for participants under age 50. For those participants who will be age 50 or over as of December 31, 2019, the maximum annual contribution will increase from $24,500 to $25,000.
To change your 2019 contribution amount or to start contributing, log in to CUBES. Enter your UNI and password, then confirm your access using multi-factor authentication (DUO).
About the VRSP
The VRSP is a defined contribution 403(b) plan that lets you contribute from 1% to 80% of your eligible pay on a pre-tax and/or Roth basis, in whole percentages through convenient payroll contributions.
Eligibility begins on date of hire.
You are always 100% entitled to the value of your own contributions.
In 2018, the maximum contribution was $18,500 (plus $6,000 if you are age 50 and over, for a total of $24,500).
In 2019, the maximum contribution is $19,000 (plus $6,000 if you are age 50 and over, for a total of $25,000).
The IRS limit applies to combined contributions, pre-tax and Roth.
IRS limits may change for 2020.
You have a wide range of funds to choose from for investing your savings, available through TIAA and/or Vanguard.