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* To: All Faculty and Staff
From: Curtis N. Powell, SPHR
Vice President, Human Resources
Date: December 6, 2001
Re: The Rensselaer Supplemental Retirement Program (Fidelity, Scudder, TIAA-CREF)
* Publications

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The new Tax Law signed by President Bush in July of this year will allow eligible participants to maximize the amount they contribute to their retirement savings. Starting January 1, 2002, the limits on contributions to 403(b) plans such as the Fidelity, TIAA-CREF, and Scudder Supplemental Retirement Plans will increase for everyone.

In the past, the annual limitation was determined by a complex calculation called the Maximum Exclusion Allowance. In general, this limit was the lesser of $10,500 or 25% of compensaton. In 2002, the limit will be $11,000 for all employees. If you will attain age 50 on or before December 31, 2002, the limit will be $12,000.

If you have 15 or more years of service at Rensselaer, you may be eligible for a “catch-up provision” of as much as an additional $3,000. Those of you who qualify for this higher allowance will be notified by mail of your exact limit for the year 2002.

Your contributions will continue at their current rate in 2002, unless you decide to change them. To do so, complete the Salary Reduction Agreement on the reverse of this memo, and return it to Human Resources by December 21, 2001, for the change to be effective on January 1, 2002.

In calculating the maximum amount you may contribute per pay period, remember to subtract from the above limit the amount you will contribute during 2002 to the Rensselaer Defined Contribution Plan (your 1% contribution). Then divide by the number of pay periods you will have in 2002 (usually 24 or 26).

After January 1, you may change the amount of your Supplemental Retirement deduction on the first day of any month. The completed Salary Reduction Agreement must be returned to Human Resources by the last day of the month prior to the month you wish to have the contribution changed. Employees may sign more than one Salary Reduction Agreement per calendar year. The Salary Reduction Agreement is available on the HR Website, in Forms on the Web, under Retirement. If you have any questions on the new rules, please contact Jim Sinnock at extension 6369, or at

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