TDA Contribution Limits Announced for Year 2010
The Tax Deferred Annuity Plan (TDA) provides a way for you to contribute to your retirement account on a pre-tax basis (pre-federal and state income taxes) through payroll deduction. This Plan allows you to save for your retirement while saving on current taxes. All employees who have FICA deductions from their pay are eligible to participate in the TDA plan.
The limits for calendar year 2010 remain the same as the 2009 limits:
- You can contribute up to $16,500 per year.
- If you are age 50 or older in year 2010, you can contribute an additional $5,500 to your TDA account, for a maximum limit of $22,000.
- If you have 15 or more years of service with Cornell University, you may be eligible to contribute an additional $3,000. Contact Benefit Services for more information.
- CURP and SUNY-ORP contributions will be based on a compensation limit of $245,000.
You can change your current contribution amount at any time (one change per pay period).
If you work at the Arecibo Observatory, your contributions will be made on an after-tax basis. You should complete a Salary Deduction Agreement. You can obtain this form at the Human Resources Office at the Observatory. Your contributions will be made on a post-tax basis.
If you are going to newly enroll in the TDA Plan, or you are currently enrolled and wish to make additional changes to your current election, or have questions, contact Benefit Services at 255-3936 or via email. Completed forms should be sent to Benefit Services at 130 Day Hall.
You may select among 200+ investment funds for your TDA account. TIAA-CREF and Fidelity offer these funds. For more information on these funds, see the vendor web sites or call their information numbers:
TIAA-CREF
800-842-2776
Fidelity Investments
800-343-0860