Retirement Contribution Limits Increase for 2015

The Internal Revenue Service (IRS) recently announced 2015 contribution limits for retirement savings plans. You may contribute up to $18,000 (up from $17,500) in before-tax participant contributions or $24,000 (up from $23,000) if you will be age 50 or older by the end of 2015. Participants with 15 or more years of service with The United Methodist Church may be eligible to make an additional annual before-tax contribution of $3,000; however, eligibility requirements and lifetime limits apply. If you have more than 15 years of service and want to contribute more than $18,000 in 2015 (or $24,000 if you will be age 50 or older in 2015), please contact the General Board at 1-800-851-2201.

Total contributions—before-tax, after-tax and plan sponsor contributions (if you are eligible)—cannot exceed the lesser of $53,000 (up from $52,000) or 100% of your total compensation. Compensation for this purpose does not include amounts excluded from taxable income for housing allowance. Additional contributions made by participants over age 50 or with over 15 years of service do not count toward this limit.

The UMPIP Contributions Agreement has been updated to reflect the 2015 limits.

2015 Saver’s Credit

The Saver’s Credit is a tax credit for low- and moderate-income 401(k) and 403(b) savers. If you qualify, you can contribute before taxes and take a credit on your federal income tax return. The following chart shows the allowable credit based on income.

Adjusted Gross Income
Credit*	Single Filers	Head of Household	Married Filing Jointly
50% of contribution	$0-$18,250	$0-$27,375	$0-$36,500
20% of contribution	>$18,250-$19,750	>$27,375-$29,625	>$36,500-$39,500
10% of contribution	>$19,750-$30,500	>$29,625-$45,750	>$39,500-$61,000
No credit	>$30,500	>$45,750	>$61,000

* Maximum credit $1,000 ($2,000 if married filing jointly)

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