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
If you wish to reach the 2014 maximum and have the salary reductions spread evenly over your paychecks, please complete the election on your Salary Reduction Form as detailed below. Please note that these calculations assume 12 checks in 2014 for a monthly employee and 26 checks in 2014 for a biweekly employee. Please contact Human Resources for assistance if you have an alternate pay schedule.
|Under 50||50 and Over (age as of 12/31/2014)|
|Biweekly||$ 673.07||$ 884.61|