An excellent way to save for retirement and reduce current tax liability is to contribute part of your salary to an employer-sponsored retirement plan. At Dickinson, employees can contribute dollars, before taxes, to plans administered by either TIAA/CREF and/or Fidelity.
CONTRIBUTION LIMITS FOR 403(b) PLANS - The contribution limit increases to $17,500 for calendar year 2013.
CATCH UP DEFERRALS - Employees age 50 and older can save an additional $5,500, through a catch-up provision, bringing the limit up to $23,000. These additional contributions are available to any eligible employee based solely on age, regardless of past contributions or length of service.
EMPLOYEES WITH 15 OR MORE YEARS OF SERVICE - If you have more than 15 years of consecutive service at Dickinson, you MAY BE eligible to contribute an additional $3,000 (for a total of $20,500 if you are less than age 50 and $26,000 if you are age 50 or older). The rule that caps this $3,000 at a lifetime contribution of $15,000 does still apply. So if you have used the "15-Year Rule" in the past, you may not have the full $3,000 available. Please contact Michelle Spencer in Human Resource Services to learn more about this opportunity.
These retirement contribution limits from the federal government are based on the calendar year. Even though the normal flexcomp election cycle at Dickinson occurs on a fiscal year (July - June) basis, you can make a change to your retirement contributions once a quarter if you choose to do so.
Updates may be made directly by employees via Banner Self-Service. Please follow the below instructions. Questions may be directed to Human Resource Services.
- Log into the Gateway (https://gateway.dickinson.edu)
- Go to the Banner Self Service tab
- Click on Employee Information
- Click on Benefits and Deductions
- Click on Retirement Plans
To update an existing amount:
- Find the desired retirement amount and click on the Update link directly below it
- The Effective Date of Change must be after your last paid date which is listed and must be in the correct format (MM/DD/YYYY). Example would be: 01/01/2013
- Enter a Per Pay Deduction Amount
- Click on the Submit Changes button
To add a new retirement account:
- Select the button at the bottom - Add a New Benefit or Deduction
- Make your election by using the radio buttons on the right hand side
- Click on the Select Benefit button at the bottom
- The Effective Date of Change must be after your last paid date which is listed (example: 01/01/2013)
- Enter a Per Pay Deduction Amount
- Click on the Submit Changes button at the bottom
- If you click on the Retirement Plans link again, you should see your new deduction listed
- Log Out
You may also contact Human Resource Services for a retirement form or use our on-line form.
Although the information on the Human Resource Services web pages is kept as accurate as possible, it is for information purposes only and is subject to change at any time. The official documents and policies are maintained in the Human Resource Services office.