The 403(b) Plan is regarded by many employees as the best savings and investment opportunity UC offers, with immediate tax benefits – contributions reduce annual income taxes – and potentially rewarding long term returns through tax deferred compounded earnings. Since the end of the year is fast approaching, this is a reminder that you only have several weeks left in 2003 to make 403(b) contributions. If you are already contributing to the 403(b) plan and want to know the total amount you have contributed this year, simply look on the right-hand side of your paycheck stub for the “403B Deductions” year to date (YTD) amount.

In 2003, the maximum annual contribution is $12,000 for employees under age 50, and $14,000 for employees age 50 or older. If you have 15 or more years of UC employment and meet additional eligibility criteria, you may also have the opportunity to increase your maximum annual contribution limit up to an additional $3,000 by utilizing the Catch Up Provision; please contact the LBNL Benefits Office at ext. 6403 for assistance. Note: if you have utilized the Catch Up Provision in 2002, you must contact the Benefits office to re-elect the provision in 2003. The Catch Up Provision is not automatically carried over into the following tax year.

Changes can be made to your 403(b) contributions via the “Your Benefits Online” option at UC’s At Your Service website. When using this secure website, you will be asked to provide your Social Security number or established UC Benefits username, and your UC Benefits PIN number to access your personal benefits record. If you need assistance, please contact the Benefits Office at ext. 6403, or [email protected].

For 2004, the 403(b) maximum annual contribution will be increasing to $13,000 for employees under the age of 50, and $16,000 for employees age 50 or older.