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Information on saving for retirement

January 11, 2011 at 4:56 pm

 

All employees of Beloit College are eligible to contribute to a tax-deferred savings account through payroll deduction. There are no age or service requirements to participate.  Tax-deferred savings (sometimes called salary-reduction agreements or SRAs) allow you to save for retirement and reduce your taxable income.  

Annual contributions into tax-deferred savings accounts are subject to limits set by the Internal Revenue Code (IRC) according to your age. You may increase, decrease or stop your savings at any time during the year. 2011 annual contribution limits are $16,500 for individuals under age 50 and $22,000 for individuals who attain age 50 by the end of 2011. Annual limits are generally subject to cost-of-living increases determined by the government and change over time. Certain other limits may apply depending upon the retirement plan contributions made by Beloit College on your behalf. If other limits apply, you will be notified about your personal 2011 maximum limits. 

If you are already participating in a tax-deferred savings account, your 2010 election amount will remain in effect for 2011 unless you notify the Payroll Office to make a change. 

If you would like to begin contributing to a tax-deferred account, please contact Lori Rhead (ext. 2631 or rheadl@beloit.edu) or Gail Pateros (ext. 2298 or pateros@beloit.edu) for enrollment information and a payroll deduction form. Contributions may begin at any time during the year.