News Release

News and Public Information Office
Glos Center
Miami University
Oxford, Ohio 45056
(513) 529-7592
(513) 529-1950 fax
newsinfo@miamioh.edu

IRS announces pension plan limitations for 2012

11/15/2011

The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. Miami University's benefit services explains these adjustments.

In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment.

Highlights include:

  • The elective deferral (contribution) limit for employees who participate in 403(b) (pre-tax and Roth combined) and 457 plans increased from $16,500 to $17,000.

  • The catch-up contribution limit for those aged 50 and over remains unchanged at $5,500. Employees turning age 50 in 2012 are eligible for this additional limit.

  • Employees are permitted to enroll in both a 403(b) and a 457 account. The limits are the same but are separate for each account. For example, employees under age 50 with a limit of $17,000 can enroll in both a 403(b) and a 457 and defer a total of $34,000.

To change a 403(b) contribution, please go to www.myretirementmanager.com. See attached PDf below for retirement manager instructions.

To change a 457 contribution, please contact Ohio Deferred Compensation at 877-644-6457. Questions, please contact Sherry Schilling at 529-2148 or benefits@muohio.edu.

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