Retirement

Year-end deadlines for your retirement accounts

DATE | 11/25/19
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The end of 2019 is almost here! Time to mark your calendar with important retirement account deadlines and review important information.

Important dates for your calendar

403(b) and IRA exchanges/transfers/rollovers

Exchanges, transfers, and rollovers require significant processing time. Your completed paperwork (including approved third-party administrator transaction authorization, if applicable) will be submitted to the payer company by the end of December if we receive it by December 6, 2019. This includes requests for IRA conversions. Call us if you have any questions. We’re happy to help you through the process.

Postdated checks

We are unable to accept IRA contribution checks written and received this tax year (2019) for next tax year (2020). Postdated checks will be returned.

Year-end withdrawal deadlines

If you would like to take a lump sum withdrawal from your 403(b) or IRA accounts before the end of 2019, your completed request (including third-party administration transaction authorization, if applicable) must be received by us on or before December 13, 2019. Requests received after this date may not be processed before year-end.

Watch your contribution limits…year-end is closing in

Employee contribution limits for 403(b) accounts are $19,000 for 2019; however, employees age 50 and older can contribute an additional $6,000 for a total of $25,000 per year. Give us a call if you need assistance. Learn more about contribution limits.

Time to review your retirement account

Have you reviewed your retirement account this year? You may want to:

  • Increase your 403(b) contributions by completing a new Salary Reduction Agreement.
  • 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.