February 24, 2015
America Saves Week: How your benefits at K-State can help
America Saves Week is a great time to think about your personal savings plan. Did you know that in addition to the mandatory retirement plans offered by K-State to benefit eligible employees, there also are voluntary retirement savings options available?
All benefit eligible employees are able to enroll in a 403(b) retirement savings plan through payroll deduct. Employees can enroll at any point in time and are able to defer pretax income to retirement savings. Annual pretax contribution limits are established by the IRS. In 2015, employees can defer $18,000 pretax to a 403(b) retirement account with additional catch-up amounts available for employees 50 years of age and older and employees who have worked for K-State for 15 years or more. After-tax options also are available. See more on the Human Capital Services website.
All K-State employees are eligible to enroll in a Deferred Compensation (457) Plan through payroll deduct. The deferred compensation plan is a supplemental retirement savings option administered by Great West Financial. Annual pretax contribution limits are established by the IRS. For more information, view the KPERS Tandem 457 website.
It's not too late to sign up for the Financial Wellness Workshops offered this week by Human Capital Services in conjunction with TIAA-CREF. The Starting Line workshop offered on Feb. 24 and Equally Prepared workshop offered on Feb. 25 are designed to help employees build practical budgeting and debt management skills to start saving for retirement. Register today.