Type of Plan
IRC Section 403(b)
Who's Eligible
Members of the Public Employees' Retirement System (PERS) and members of the Police and Firemen's Retirement System (PFRS)
Employee Contribution
• Under age 50: Eligible to contribute up to $23,500
• Ages 50-59: Eligible to contribute up to $31,000 ($23,500 + $7,500)
• Ages 60–63: Eligible to contribute up to $34,750 ($23,500 + $11,250)
• Age 64 and older: Eligible to contribute up to $31,000 ($23,500 + $7,500)
How it Works
You may voluntarily tax shelter a portion of your salary from federal income taxes while saving for retirement. Federal income tax is not due on deferred amounts or accumulated earnings until you receive a payment from your account.
How to Enroll
- Complete the following form: Carrier Allocation/Salary Reduction Agreement
- Send carrier enrollment application directly to the carrier. Keep a copy for yourself.
- Send the Carrier Allocation/Salary Reduction Agreement form to University Human Resources, 57 US. Highway 1, New Brunswick, NJ 08901-8554. Campus mailing address: ASB II, Cook Campus.
How to Make Changes
You may change your salary reduction amount by completing and submitting a Carrier Allocation/Salary Reduction Agreement form to University Human Resources, 57 US. Highway 1, New Brunswick, NJ 08901-8554. Campus mailing address: ASB II, Cook Campus. Forms must be returned by the 10th of the month to be effective the first payroll of the following month.