The IRS has published that the maximum annual contribution limit for the 403(b) Plan and the 457 Plan has increased to $19,000 for 2019. Employees who are age 50 or older by December 31, 2019 are able to contribute an additional $6,000 into each plan. In order to change a bi-weekly deduction amount, or restart a deduction for the first paycheck in 2019, employees can download the form (see below) and return it to Prudential at the address or fax number on the form by 12/12/18:
403(b) Contribution Rate Change Form
457 Contribution Rate Change Form
The following information may assist with completing the form:
- The Sub Plan Number should be left blank
- The Employee Record Number is generally 000 for employees who have had only one active assignment within the State of CT; for individuals employed by multiple agencies or those who have had more than one assignment within UConn, please e-mail HR@uconn.edu to determine the correct employee record number
- To contribute as close as possible to the maximum of $19,000 spread evenly across 26 pay periods, the per pay period contribution would be $730.00
- To take advantage of the $6,000 Age 50+ Catch-Up Option in addition to contributing as close as possible to the $19,000 maximum for a total contribution of $25,000 spread evenly across 26 pay periods, the per pay period contribution would be $961.00
The 2019 plan year will have 26 pay periods, and the first paycheck will be dated 1/4/19. Any forms with changes effective for the first 2019 paycheck must be received by Prudential no later than by 12/12/18.
Alternately, instead of completing the Contribution Rate Change Form, employees already enrolled in the 457 and 403(b) plans can restart their contributions online by following these instructions in-between 12/1/18 – 12/14/18:
- Log onto www.ctdcp.com
- Click on ‘access account’
- Enter your user id and password
- Under the ‘go to’ box select Contribution Rate
- Next to your contribution amount, select ‘change’
- Enter your contribution amount
- Click on “OK”
- Review your new contribution amount
- Select ‘apply changes’
- You’ll receive your confirmation page with a tracking number
Prudential can also accept contribution changes and restarts for the 457 and 403(b) plans by telephone in-between 12/1/18 – 12/14/18, and can be reached at 844-505-SAVE (7283).
Employees interested in learning more about the 403(b) or 457 plan can access additional information at www.ctdcp.com, or can contact the following Prudential representatives:
Tom Grubbs - 860-256-5775 or thomas.grubbs@prudential.com
Tom Shepherd - 860-331-3248 or thomas.shepherd@prudential.com
For more information, contact: Human Resources at hr@uconn.edu