Per the IRS, the maximum annual contribution limit for the 403(b) Plan and the 457 Plan has increased, respectively, to $19,500 for 2020. Employees who are age 50 or older by December 31, 2020 are able to contribute an additional $6,500 into each plan. In order to change a bi-weekly deduction amount, or restart a deduction for the first paycheck in 2020, employees can download the form (see below) and return it to Prudential at the address or fax number on the form by 12/11/2019:
The following information may assist with completing the form:
- 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 email@example.com to determine the correct employee record number.
- To contribute as close as possible to the maximum of $19,500, spread evenly across 27 pay periods, the per pay period contribution would be $722.00.
- To take advantage of the $6,500 Age 50+ Catch-Up Option, in addition to contributing as close as possible to the $19,500 maximum, for a total contribution of $26,000, spread evenly across 27 pay periods, the per pay period contribution would be $962.00.
The 2020 plan year will have 27 pay periods, and the first paycheck will be dated 1/3/2020. Any forms with changes effective for the first 2020 paycheck must be received by Prudential no later than by 12/11/2019.
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 11/30/2019 – 12/13/2019:
- Log onto 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 11/30/2019 – 12/13/2019, 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 Shepherd – 860-331-3248 or firstname.lastname@example.org
Tom Grubbs – 860-256-5775 or email@example.com
For more information, contact: Prudential at 844-505-7283