The IRS has published that the maximum annual contribution limit for the 403(b) Plan and the 457 Plan has increased to $18,500 for 2018. Employees who are age 50 or older by December 31, 2018 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 2018, employees can download the form (see below) and return it to Prudential at the address or fax number on the form by 12/12/17:
The following information may assist with completing the form:
The Sub Plan Number should be left blank
Your Employee Record Number for your primary job is identified on your paycheck for your primary job next to your Employee ID. Please note that you should use leading zeros to make your record number three digits.
To contribute as close as possible to the maximum of $18,500 spread evenly across 26 pay periods, the per pay period contribution would be $711.00
To take advantage of the $6,000 Age 50+ Catch-Up Option in addition to contributing as close as possible to the $18,500 maximum for a total contribution of $24,500 spread evenly across 26 pay periods, the per pay period contribution would be $942.00
The 2018 plan year will have 26 pay periods, and the first paycheck will be dated 1/5/18. Any forms with changes effective for the first 2018 paycheck must be received by Prudential no later than by 12/12/17.
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 12/1/17 – 12/15/17:
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 12/1/17 – 12/15/17, 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: Prudential at 844-505-7283
For more information, contact: Human Resources at (860) 486-3034