The IRS sets annual limits on salary reduction amounts. Age-based limits use your age as of December 31 in the applicable year.
|Year||Under Age 50 Limit||Age 50 and Over Limit||Total for Age 50 and Over|
Payroll Election Amounts
Effective March 1, 2016, changes in your salary reduction election are made through Transamerica’s website, www.trsretire.com. Once you have logged into the home page, scroll to the bottom of the page and click “Contribution Details”. You can enter a dollar amount per pay or a percentage of pay. The change will go into effect on the next pay to be finalized after the change has been submitted.
If you wish to reach the 2017 maximum and have the salary reductions spread evenly over your paychecks, the information entered in Transamerica should be as detailed below. Please note that these calculations assume 12 checks in 2017 for a monthly employee and 26 checks in 2017 for a biweekly employee.
|Under 50||50 and Over (age as of 12/31/2017)|
|Biweekly||$ 692.30||$ 923.07|