Per the IRS, the maximum annual contribution limit for the 403(b) Plan and the 457 Plan has remained at $19,500 for 2021. Employees who are age 50 or older by December 31, 2021 are able to contribute an additional $6,500 into each plan. In order to change a bi-weekly deduction amount, or restart a deduction for the first paycheck in 2021, employees can download the form (see below) and return it to Prudential at the address or fax number on the form by 12/19/2020:
403(b) Contribution Rate Change Form
457 Contribution Rate Change Form
The following information may assist with completing the form:
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 primary employee record number.
To contribute as close as possible to the maximum of $19,500, spread evenly across 26 pay periods, the per pay period contribution would be $750.00.
To take advantage of the $6,500 Age 50+ Catch-Up Option, in addition to contributing as close as possible to the $19,500 maximum, for a total contribution of $26,000, spread evenly across 26 pay periods, the per pay period contribution would be $1,000.00.
The 2021 plan year will have 26 pay periods, and the first paycheck will be dated 1/15/2021. Any forms with changes effective for the first 2021 paycheck must be received by Prudential no later than by 12/19/2020.
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 between 12/12/2020 – 12/21/2020:
- 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
- Review your new contribution amount
- 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 between 12/12/2020 – 12/21/2020, 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:
Thomas Shepherd - thomas.shepherd@prudential.com
Thomas Grubbs - thomas.grubbs@prudential.com
For more information, contact: Prudential at 844-505-7283.