!nfonet - For University of Pittsburgh Medical Center staff
!nfonet - For University of Pittsburgh Medical Center staff
!nfonet - For University of Pittsburgh Medical Center staff
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Retirement

 

Pretax Limits for Savings Plan Contributions

The Internal Revenue Service determines the maximum annual contribution that you can make to the UPMC Savings Plan on a pretax basis. For 2009, the maximum is $16,500. For 2007 and 2008, the maximum is $15,500. Staff who will be age 50 or older in 2009 can take advantage of an additional pretax savings opportunity through a $5,500 “catch-up” contribution, increasing the maximum pretax contribution to $22,000.

Once the pretax limit is reached, the pretax deduction will automatically be taken on an after-tax basis for the remainder of that year. On Jan. 1 of the following year, your contribution will automatically resume on a pretax basis, provided that you make no changes to your contributions.

Check back here each November to see if the pretax limits change for the following calendar year.

Retirement homepage