December 5, 2008
  HR Update

 

Save for retirement and save money on your taxes
A Tax-Deferred Account (TDA) is a savings plan that allows eligible employees of the Health Science Center to set aside savings for retirement tax free. All salaried employees are eligible to contribute to a TDA, also referred to as 403(b) plans or TSAs.

Employees may enroll in a TDA any time during the year by signing a Salary Reduction Agreement (SRA) and completing carrier application forms. You may change your TDA carrier up to two times per year. Deductions for a TDA will begin the first of the month following the date all forms are received by the Human Resources Department. For example, paperwork submitted by the last day of December would be effective with the January pay period (the check you receive on Feb. 2).

The earnings on your savings will not be subject to income taxes until you withdraw your money (usually at retirement). Your savings automatically will be deducted from your check each month. You can start and stop your TDA at any time during the year. You do not have to wait for an enrollment period.

IRS 2009 contribution limits announced
The IRS announced cost-of-living adjustments to various pension plan limits for tax year 2009. All of the limits that apply to the Optional Retirement Plan (ORP) and Tax Sheltered Annuities (TSA)/Tax Deferred Annuities (TDA) will change for 2009, as noted below:

Total contribution allowed to ORP and TSA/TDA combined

$49,000 (up from $46,000)

Limit on elective deferral for TSA/TDA only

$16,500 (up from $15,500)

Over age-50 catch-up (TSA/TDA only)

$5,500 (up from $5,000)

457(b) Deferred Compensation plan limits changed, as noted below:

Limit on elective deferral for 457(b)

$16,500 (up from $15,500)

Over age-50 catch-up 457(b)

$5,500 (up from $5,000)

Special three-year before retirement catch-up for 457(b)
(Note: This option cannot be used in conjunction with over age-50 catch-up for 457(b))

$33,000 (up from $31,000)

For more information on TDAs or IRS limits, contact HR Benefits Representatives Stella Fair, Victoria Zamora or Angelina Shelby at ext. 2690.

Etiquette for working with people with disabilities
The Health Science Center is committed to providing equal opportunities for diverse employees.  By ensuring that we interact appropriately with different groups, including those of differing physical capabilities, we can ensure fair treatment for everyone.

Human Resource Services has developed “Etiquette for Working with Persons with Disabilities” and “Facts You Should Know About Service Animals” to help us understand and respect our co-workers. For more information on the Health Science Center’s Office of Equal Employment Opportunity (EEO), contact Cheryl Wells, director of EEO, at ext. 2218. UNTHSC Logo

 

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University of North Texas Health Science Center
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3500 Camp Bowie Boulevard | EAD 834 | Fort Worth TX | 76107-2699