For TAG members with a TAG 401k Plan through Vanguard, the 2023 contribution year is at a close. Due to holiday hours at payroll locations and the TAG office holiday closure from Fri., Dec. 22, 2023 at 2 p.m. to Mon., Jan. 1, 2024, no more changes can be made to 401k payroll deduction settings for this year. But you can plan ahead for January and check your 401k status to prepare for your 2024 participation in the TAG 401k Plan.
Contribution Limits
TAG 401k Plan contribution limits for 2024 have gone up! If you are under the age of 50, you can now contribute up to $23,000 dollars to 401k plans. And if you are over the age of 50, you can contribute an additional $7,500 to that amount.
If you wish to set up 401k contributions or make adjustments to your current deduction percentages, you can find the forms and information on the TAG website.
First Paycheck of 2024
Make sure to check your first paychecks of the new year to confirm that the 401k deductions you have set up are being made at the percentage you requested. Due to many different issues that can occur at payroll, some contribution setups may not carry over to the new year correctly, and this can cause missed 401k contributions. TAG has no access to the weekly payroll information and can’t monitor these issues for you. It is up to you to proactively monitor your 401k contributions and contact us at 401k@tag839.org for help when payroll issues arise.