Now is the time to submit your annual enrollment/deferral percentage deduction changes for the Tax Deferred Annuity Plans. Tax Deferred Annuity contributions are deducted pre-tax from your paycheck on a biweekly basis, while your earnings grow tax-deferred. Pre-tax contributions in some plans allows you to reduce your current federal, state, local and NYS income taxes. The IRS tax deferred annuity limits for the 2012 calendar year are listed below, please pay close attention to the limits for your age group.
2012 Tax Deferred Annuity Plan Limits
- If you are under age 50, the maximum is $17,000.
- If you are age 50 and over, the maximum is $22,500.
Please keep in mind that your classification and job title determines which TDA plan you are eligible to join. For more information, please contact Central Office Human Resources.