Get the free 403(b) 15 – Year Service Catch-up Agreement - hr ucf

This document outlines the criteria and requirements for employees to qualify for the 15-year service catch-up contributions to their 403(b) retirement plan at the University of Central Florida.

How to fill out 403b 15 year service

How to fill out 403(b) 15 – Year Service Catch-up Agreement

1. Obtain the 403(b) 15-Year Service Catch-up Agreement form from your employer or financial institution.
2. Fill out your personal information, including name, address, and Social Security number.
3. Indicate your employment start date and duration of service with the qualified organization.
4. Verify your eligibility for the catch-up contribution limit by checking service years.
5. Specify the amount you wish to contribute as a catch-up amount, if applicable.
6. Sign and date the form to certify that all information is accurate.
7. Submit the completed form to your employer or the plan administrator for processing.

Who needs 403(b) 15 – Year Service Catch-up Agreement?

1. Employees who have completed at least 15 years of service with eligible educational organizations, health care organizations, or other tax-exempt organizations.
2. Individuals who are looking to make additional contributions to their 403(b) plan beyond the standard contribution limits due to their lengthy service.

People Also Ask about

What is the 15 year catch-up contribution?

Long-term employee benefits: If you've worked for a qualifying organization for at least 15 years, and your average annual contribution was less than $5,000, you may qualify for an additional catch-up contribution of up to $3,000 a year, above the standard limit.

What is the 15 year rule?

What is the 15-year rule? If you are an employee with 15 or more years of service with your current employer and your annual contribution amount doesn't exceed $5,000 per year, you may be eligible to contribute an additional $3,000 per year. Note that not all plans offer this option.

How much is the catch-up contribution for 2025?

401(k) contribution limits for 2025 If you're age 50 to 59 or 64 or older, you're eligible for an additional $7,500 in catch-up contributions. An important note: Beginning in 2025, those between ages 60 and 63 will be eligible to contribute up to $11,250 as a catch-up contribution, if your plan allows.

What are the new rules for catch-up contributions?

Historically, retirement plans have been permitted to allow participants ages 50 and older to make "catch-up" contributions beyond the standard elective deferral limit. In 2025, the standard limit is $23,500, with an additional $7,500 allowed in catch-up contributions if the applicable plan permits.

What is considered a catch-up contribution?

But catch-up contributions provide those age 50 and older with an opportunity to go above and beyond IRS standard thresholds. That means if you're already 50 or will be 50 later this year, you can contribute a grand total of: $31,000 in your 401(k), 403(b) or eligible 457 plan; $34,750 if age 60 to 63.

What is the 15 year catch-up rule?

Under the special 403(b) catch-up, employees of a qualified organization may contribute an increased dollar amount under IRC Section 402(g)(1) if they've completed at least 15 years of service with the organization.

What does "catch-up contribution" mean?

What is a catch-up contribution? Catchup contributions allow investors age 50 and older to contribute extra money to retirement accounts beyond the standard limits. IRAs, employer-sponsored plans, SIMPLE IRAs, SIMPLE 401(k) plans, and even health savings accounts (HSAs) offer catch-up contributions.

What is the 403b catch-up for 2025?

In 2025, the 403(b) contribution limit is $23,500. 403(b) catch-up contributions let those who are age 50 and older save an extra $7,500 in 2023, 2024, and 2025. Those ages 60 to 63 can contribute an additional $11,250 in 2025 in place of the $7,500 catch-up contribution, only if your plan allows.

For pdfFiller’s FAQs

What is 403(b) 15 – Year Service Catch-up Agreement?

The 403(b) 15-Year Service Catch-up Agreement allows eligible employees of certain tax-exempt organizations to make additional contributions to their 403(b) retirement plans if they have completed at least 15 years of service with the organization.

Who is required to file 403(b) 15 – Year Service Catch-up Agreement?

Employees who have worked for a qualifying tax-exempt organization for 15 years or more and wish to take advantage of the catch-up contribution provisions under the 403(b) plan must file the 403(b) 15-Year Service Catch-up Agreement.

How to fill out 403(b) 15 – Year Service Catch-up Agreement?

To fill out the 403(b) 15-Year Service Catch-up Agreement, eligible employees need to provide their personal information, details of their service with the organization, and indicate the amount they wish to contribute as a catch-up.

What is the purpose of 403(b) 15 – Year Service Catch-up Agreement?

The purpose of the 403(b) 15-Year Service Catch-up Agreement is to enable long-serving employees to increase their retirement savings capacity, allowing them to make higher contributions to their 403(b) plan during their final working years.

What information must be reported on 403(b) 15 – Year Service Catch-up Agreement?

The information that must be reported on the 403(b) 15-Year Service Catch-up Agreement includes the employee's name, Social Security number, the number of years of service with the organization, the amount of catch-up contribution elected, and the signature of the employee.