NSHE Retirement Plans |
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Mandatory Retirement Plans
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Supplemental Retirement Plans
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Social Security | ||||||
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Phase In Retirement |
Voluntary Retirement Plan Limits
| 2006 | 2007 | 2008 | |
NSHE Tax Sheltered Annuity 403(b) Plan (402(g) limit of elective deferrals) |
$15,000 |
$15,500 |
$15,500 |
State of Nevada Deferred Compensation 457 Plan (limits on elective deferrals) |
Lesser of $15,000 or 100% of compensation |
Lesser of $15,500 or 100% of compensation |
Lesser of $15,500 or 100% of compensation |
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Catch-up deferrals for participants age 50 or over in 403(b) and 457 Plans |
$5,000 additional |
$5,000 additional |
$5,000 additional |
NSHE Tax Sheltered Annuity Plan (403(b))
One of the benefits available to you through the Nevada System of Higher Education (NSHE) is the ability to voluntarily save for retirement on a before-tax basis through a Tax Sheltered Annuity (TSA) which is also called a 403(b) plan. Below is a brief explanation of the changes to the TSA plan.
A contribution to a TSA plan is an excellent way to supplement your retirement savings. Contributions are deducted from your salary automatically; thus your current taxable income is lowered by the amount of your deferral.
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) allowed for annual increases in the amount that you may tax-defer for retirement. In 2007, most individuals will be able to defer up to $15,500 in a tax-sheltered annuity plan. And if you are age 50 or older, you may be able to contribute an additional $5,000.
The amount you can defer in 2007 may be higher if you fall into either of the following categories:
- You have worked the equivalent of 15 or more full-time years with the NSHE. If this applies you may be eligible to defer an additional $3,000 over and above your 2007 limit.
- You are retiring in 2007.
If either of these two descriptions apply to you, please request a calculation from one of the following approved vendors:
- Fidelity Investments 1-888-632-2252
- TIAA CREF 1-877-842-4833
- AIG RETIREMENT 1-800-448-2542
If you are already participating in a TSA plan, and wish to change your deferral amount you will need to fill out an "Agreement for Salary Reduction." If you wish to begin a TSA you will need to fill out an "Agreement for Salary Reduction" and an application for one of the vendors listed above. Please submit all paperwork to your Human Resources office or the BCN Benefits office.
FORMS
- ASI Section 125 Request For Reimbursement - This form is for reimbursement of eligible dependent care expenses and unreimbursed medical expenses.
- ASI Direct Deposit Form - Speed up the receipt of your Section 125 reimbursement with Direct Deposit. Have it paid directly into your bank account.
- ASI Enrollment Form - This form should be used for new hires enrolling in the FSA plan mid-year