As an employee of Fermilab, you are eligible to participate in the Fermi National Accelerator Laboratory Supplemental Retirement Plan, also known as the 403(b) plan. Employees may contribute to this plan on a pre-tax basis through payroll deductions. There is also an after-tax (Roth) contribution option in this plan.
Annually, the IRS sets a contribution maximum. For 2012, the IRS maximum pre-tax contribution is $17,000. Employees who are at least 50 years old can contribute an additional $5,500 annually. This additional contribution is also known as a catch-up contribution or 403(c) deferral.
You can review your year-to-date contribution information by checking your most recent paystub or through Employee Self Service. The Supplemental Retirement Plan does not require an annual re-enrollment. Once you enroll, your deduction will continue until you change it by completing a new Salary Reduction Agreement.
There is still time to maximize your contribution for 2012. To do so, complete the 2012 Salary Reduction Agreement.
Periodically, the IRS changes the annual pre-tax contribution limits for 403(b) plans. Once the 2013 IRS limitations are published, the Benefits Office will communicate the new limits to employees. Visit the Benefits Office website for more information about your employee benefits.