The Internal Revenue Service recently announced the retirement plan contribution limits for 2018. The amount of salary that an eligible employee will be able to contribute will increase by $500, from $18,000 to $18,500. If an eligible employee will be at least 50 years old in 2018, they will be able to contribute an additional catch-up amount of $6,000, for a total of $24,500.
How to change retirement contributions
The beginning of a new year is a good time to evaluate what you are contributing to your retirement plan. Eligible employees can update their contributions by selecting the retirement change life event in UltiPro. While changes can be made to retirement contributions at any time during the year, they will need to be entered between Dec. 18 and Dec. 28, in order to be effective on the first pay date of 2018.
If you have questions or need assistance please contact the HR Service Center at 1-833-599-2100 (available from 7 a.m. to 4:30 p.m., Monday through Friday).