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Participation Eligibility & Contribution Limits (Chemeketa Community College)




2021 403(b) and 457(b) Announcement for Chemeketa CC


Supplemental Retirement Saving Opportunities

Chemeketa CC offers two excellent voluntary programs through which you may elect to contribute a portion of income into supplemental retirement savings accounts: the 403(b) and 457(b) Plans. Chemeketa CC has contracted with Carruth Compliance Consulting (“CCC”), a Third Party Administrator (TPA), to provide information and support for the 403(b) and 457(b) Plans.

All part-time and full-time employees are eligible to contribute.

You may begin, change, and/or cancel contributions in the 403(b) Plan and/or the 457(b) Plan at any time, subject to payroll deadlines and 457(b) requirements that deferral agreements must be submitted before the month deferrals are to begin. You may begin contributions in the 403(b) Plan by following the ‘403(b) Enrollment Procedures’ on the CCC website.

In addition to traditional pre-tax 403(b) and 457(b) supplemental retirement savings opportunities, Chemeketa CC offers after-tax Roth 457(b) contributions.

403(b) Contribution Limits for 2021

  • Elective Deferral Limit: $19,500.00*
  • Age 50 Catch-up: An additional $6,500.00, for a total of $26,000.00* (Applies to Employees Age 50 or over by 12/31/2021)
  • 403(b) Special 15 Years of Service Catch-up: Up to an additional $3,000**

457(b) Contribution Limits for 2021

  • Elective Deferral Limit: $19,500.00*
  • Age 50 Catch-up: An additional $6,500.00, for a total of $26,000.00* (Applies to Employees Age 50 or over by 12/31/2021)
  • 457(b) Special 3 Year Catch-up: If 2021 is one of the last three years preceding the calendar year of your normal retirement age, you may be eligible** to contribute up to $39,000.00* (twice the basic limit)

*Note: Contributions to the plans above cannot exceed employees’ total compensation.
**Please contact CCC to verify eligibility and limits available under Special Catch-ups.

Participant Responsibilities

  • Participants are responsible for monitoring account activity regularly for accuracy (e.g., deposits of your contributions), updating contact and beneficiary information.
  • Contribution limits are specific to you, the taxpayer. If you participate in another organization’s retirement plan in addition to participating in the Chemeketa CC Plan, please note:
    • 403(b) Elective Deferral Limits described above apply to your total deferrals to all 403(b), 401(k), and SARSEP plans in which you participate.
    • If you control an organization sponsoring a qualified defined contribution plan, all contributions made to that plan on your behalf must be aggregated with any 403(b) contributions at Chemeketa CC for the IRC 415(c) limit (this applies to the aggregate of elective deferrals and employer contributions, the limit is $58,000.00 in 2021, those Age 50 may defer an additional $6,500.00).
    • Note: 457(b) contributions do not need to be aggregated with 403(b) contributions for limit consideration.
  • If a problem exists or if you have questions, you should contact CCC or your employer as soon as possible.

Comprehensive information is available online via CCC’s website, www.ncompliance.com.
Please contact CCC with any questions at 503-968-8961 or Toll-Free at 877-222-3090 or via the “Contact Us” page.

Click here for rendered version of 2021 Eligibility & Limits Announcement for Chemeketa CC


2020 403(b) and 457(b) Announcement for Chemeketa CC


Supplemental Retirement Saving Opportunities

Chemeketa Community College (Chemeketa CC) offers two excellent voluntary programs through which you may elect to contribute a portion of income into supplemental retirement savings accounts: the 403(b) and 457(b) Plans. Chemeketa CC has contracted with Carruth Compliance Consulting (“CCC”), a Third Party Administrator (TPA), to provide information and support for the 403(b) and 457(b) Plans.

All part-time and full-time employees are eligible to contribute.

You may begin, change, and/or cancel deferrals in the 403(b) Plan and/or the 457(b) Plan at any time, subject to payroll deadlines and 457(b) requirements that deferral agreements must be submitted before the month deferrals are to begin. You may begin participating in the 403(b) Plan by establishing an account with an Active Payroll Slot Vendor, then completing and submitting a salary reduction agreement via signed hard copy to your employer.

In addition to traditional pre-tax 403(b) and 457(b) supplemental retirement savings opportunities, Chemeketa CC offers after-tax Roth 457(b) contributions. (Note: Attributable earnings must be maintained in separate designated Roth accounts.)

403(b) Contribution Limits for 2020

  • Elective Deferral Limit: $19,500.00*
  • Age 50 Catch-up: An additional $6,500.00, for a total of $26,000.00* (Applies to Employees Age 50 or over by 12/31/2020)
  • 403(b) Special 15 Years of Service Catch-up: Up to an additional $3,000, for a total limit of up to $22,500.00* or $29,000.00* (depending on age) for eligible** employees with at least 15 years of full-time service with Chemeketa CC by 12/31/2020

457(b) Contribution Limits for 2020

  • Elective Deferral Limit: $19,500.00*
  • Age 50 Catch-up: An additional $6,500.00, for a total of $26,000.00* (Applies to Employees Age 50 or over by 12/31/2020)
  • 457(b) Special 3 Year Catch-up: If 2020 is one of the last three years preceding the calendar year of your normal retirement age, you may be eligible** to contribute up to $39,000.00* (twice the basic limit)

*Note: Contributions to the plans above cannot exceed employees’ total compensation.

**Please contact CCC to verify eligibility and limits available under Special Catch-ups.

Participant Responsibilities

  • Participants are responsible for monitoring account activity regularly for accuracy (e.g., deposits of your contributions), updating contact and beneficiary information.
  • Contribution limits are specific to you, the taxpayer. If you participate in another organization’s retirement plan in addition to participating in the Chemeketa CC Plan, please note:
    • 403(b) Elective Deferral Limits described above apply to your total deferrals to all 403(b), 401(k), and SARSEP plans in which you participate.
    • If you control an organization sponsoring a qualified defined contribution plan, all contributions made to that plan on your behalf must be aggregated with any 403(b) contributions at Chemeketa CC for the IRC 415(c) limit (this applies to the aggregate of elective deferrals and employer contributions, the limit is $57,000.00 in 2020, those Age 50 may defer an additional $6,500.00).
    • Note: 457(b) contributions do not need to be aggregated with 403(b) contributions for limit consideration.
  • If a problem exists or if you have questions, you should contact CCC or your employer as soon as possible.

Comprehensive information is available online via CCC’s website, www.ncompliance.com.
Please contact CCC with any questions at 503-968-8961 or Toll-Free at 877-222-3090 or via the “Contact Us” page.


 

 

Page Last Modified: 4/23/2020 12:35:49 PM