MPS Voluntary Retirement Savings Plans: Current tax laws provide significant opportunities to save before-tax and/or after-tax dollars for retirement. If you participate in both the 403(b) and 457 plans (below) you may contribute up to the basic annual limit of the lesser of $17,500 or 100% of compensation to each plan in 2014.
MPS 403(b) Plan - Similar to a 401(K) plan, this 403(b) plan allows you to make voluntary before-tax and/or after-tax Roth contributions via payroll deduction. For more information contact one of the following plan vendors:
ING Life Insurance and Annuity Company (414) 256-2187
MetLife (414) 541-4490
TIAA-CREF National Contact Center 1-800-842-2273 or Enrollment Hotline 1-800-842-2888
WEA TSA Trust 1-800-279-4030 or (414) 259-1990
457 Program - Under this Program, employees can make before-tax and/or after-tax Roth voluntary contributions. The IRS annual contribution limits for this program are in addition to (not offset by) the 403(b) IRS annual contribution limit. The earnings on your contributions to this Program are also tax deferred. Upon withdrawal, your contributions and earnings are subject to ordinary federal and state income taxes. This Program is administered by and funds are held in trust by the State of Wisconsin - Employee Trust Funds (ETR). Great-West Retirement Services is the ETF appointed service provider for the WDC 457 Program and their number is 877-457-9327 or website www.wdc457.org
Posted by benefits on 3/31/14 5:10:38 PM in project Benefits