2019 Limits for 403b and 457

The IRS has published that the maximum annual contribution limit for the 403(b) Plan and the 457 Plan has increased to $19,000 for 2019. Employees who are age 50 or older by December 31, 2019 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 2019, employees can download the form (see below) and return it to Prudential at the address or fax number on the form by 12/12/18:

403(b) Contribution Rate Change Form

457 Contribution Rate Change Form

The following information may assist with completing the form:

·       The Sub Plan Number should be left blank

·       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 correct employee record number

·       To contribute as close as possible to the maximum of $19,000 spread evenly across 26 pay periods, the per pay period contribution would be $730.00

·       To take advantage of the $6,000 Age 50+ Catch-Up Option in addition to contributing as close as possible to the $19,000 maximum for a total contribution of $25,000 spread evenly across 26 pay periods, the per pay period contribution would be $961.00

The 2019 plan year will have 26 pay periods, and the first paycheck will be dated 1/4/19.   Any forms with changes effective for the first 2019 paycheck must be received by Prudential no later than by 12/12/18.

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 12/1/18 – 12/14/18: 

1.       Log onto www.ctdcp.com

2.       Click on ‘access account’

3.       Enter your user id and password

4.       Under the ‘go to’ box select Contribution Rate

5.       Next to your contribution amount, select ‘change’

6.       Enter your contribution amount

7.       Click on “OK”

8.       Review your new contribution amount

9.       Select ‘apply changes’

10.   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 12/1/18 – 12/14/18, 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: Human Resources at hr@uconn.edu