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Financial Fitness Blog

1099-R coming in the mail soon

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Brenda EcheverriaIf you took a reportable distribution from your WEA TSA Trust 403(b) and/or WEAC IRA account(s) during 2018, we will send a 1099-R to the address on file on or before January 31, 2019. You will receive your 1099-R from our custodian, Mid Atlantic Trust Company.

If you have not received yours by February 18, please contact our office at 1-800-279-4030.

Brenda Echeverria, Financial Planner

403(b) and IRA contribution limits have changed

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Sue LukasThe contribution limits on both the 403(b) and the IRA increased this year. The last IRA increase was in 2013. Take advantage of these new limits to increase your retirement savings.

  • The 2019 limit for the 403(b) has increased to $19,000, with the age 50 and over catch-up remaining the same at $6,000 for a total of $25,000.
  • The limit on annual contributions to an IRA increased to $6,000, with the age 50 and over catch-up limit at $1,000 for a total of $7,000.

Visit weabenefits.com/limits for more information or call us at 1-800-279-4030 if you have questions.

Sue Lukas, RIS Specialist

Time to review your retirement account

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N'Kenza WhitlowDid you review your retirement account when school started in the fall? If not, a brand new year can also be a good reminder to give your account an annual checkup. You may want to:

  • Increase your 403(b) contributions by completing a new Salary Reduction Agreement (SRA).
  • Review and update your beneficiaries, especially if you’ve experienced any life events (marriage, divorce, birth of a child, death of a family member, etc.). It’s important to note that beneficiaries named on your retirement account supersede your will
  • Update your address, review your portfolio, and rebalance your investment allocation.

Visit yourMONEY online to review your account, or call us at 1-800-279-4030.

N’Kenza Whitlow, Retirement Savings Consultant