employee can contribute up to $15,500 pre-tax to each plan in 2007 and beyond. If the employee is age 50 or older, the employee can contribute up to an additional $5,000 to each plan in 2007 and beyond.

If you are out of work and receiving a check from the Work Comp Insurance company instead of a paycheck, the University will not be able to obtain premiums via payroll deduction for your other benefit plans such as Health Insurance, Dental, etc. To avoid cancellation of those policies for non-payment, you should contact Human Resources to make alternative arrangements to pay for those plans. (Also see the University's policy on Workers Comp under Personnel Policies 4.12.

Great news! Effective January 1, 2007, the rules now allow greater employer contributions for lower-paid employees. Previously, employer contributions under the comparability rules had to be the same amount or percentage of the deductible for all employees with the same category of coverage. Consequently, employers could not contribute higher amounts to lower-paid employees.

Yes, individuals can contribute to a traditional IRA whether or not they are covered by another retirement plan. However, they may not be able to deduct all of their contributions if they or their spouses are covered by an employer-sponsored retirement plan. [Note that contributions to a Roth IRA are not deductible and income limits apply.] See Publication 590 for further information.

SEPs are relatively uncomplicated retirement savings vehicles that allow employers to make contributions on a tax-favored basis to individual retirement accounts (IRAs) owned by the employees. SEPs are subject to minimal reporting and disclosure requirements. Under a SEP, you as the employee must set up an IRA to accept your employer's contributions. As a general rule, your employer can contribute up to 25 percent of your pay into a SEP each year, up to a maximum of $40,000.

Employee stock ownership plans (ESOPs) are a form of defined contribution plan in which the investments are primarily in employer stock. Congress authorized the creation of ESOPs as one method of encouraging employee participation in corporate ownership.

For 2004: A: Employees under 50 can contribute up to 100% of their earnings (not to exceed $13,000) as an employee contribution to their Solo 401k plan. (Employees who are older than 50 (or who turn 50 in 2004) can contribute up to 100% of their earnings not to exceed $16,000) as an employee contribution to their 401k plan. For 2005: A: Employees under 50 can contribute up to 100% of their earnings (not to exceed $14,000) as an employee contribution to their Solo 401k plan.

The College Savings Plan of Nebraska does not have a minimum contribution amount. A minimum amount may be set at the discretion of the employer.

Yes, you can contribute to a traditional IRA whether or not you are covered by another retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer-sponsored retirement plan.

In the first instance any suggestions and feedback on specific courses and seminars should be offered to the convenor. This can be done through the tutor feedback form or less formally if you choose. If you have more general suggestions, then talk to your AT representative who should then pass this on to the Head of Department via departmental meetings. For more information see the Policy on Associate tutors [pdf]

A HIPAA Steering Committee is assigned to oversee activities that will ensure compliance with HIPAA regulations. Several Task Teams were formed and are presently doing some of the background work to revise or develop policies and procedures where appropriate.

Whether you are required to pay into Social Security depends on IRS policies which determine whether your main purpose is to be a student or an employee. According to these policies, a degree-seeking student who is enrolled in at least six credit hours (five for graduate students) in the academic year and working less than 32 hours per week is primarily a student, and therefore does not have to pay into retirement.

The maximum for pre-tax or "Salary Savings" contributions under IRC Section 401(k) limitations is the lesser of $15,000 for the year 2006 (plus $5,000 "catch-up" contribution for 2006 calendar year). Other limitations on contributions, such as total contribution (combined employee and employer) or testing requirements, may reduce that maximum for a specific employee, plan, or plan year.

Eventually the DynaFAQ will support user-level editing. In the meantime, the best place to send general questions and/or answers is directly to the Triumph mailing list since all messages are archived and will eventually be merged into the FAQ. Much of this information in this FAQ has been compiled by the following people.

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