The new year brings good news for TAG members and their 401k plans. A few changes mean opportunities to save more money. Following are these changes as well as advice and information on enrolling if you haven’t already.
2023 Contribution Increase
Increasing by $2,000, the CAP for 2023 contribution limits is now $22,500. This is a great time to get a head start on your 2023 contributions. You can fill out and submit your form now to change your contributions for 2023 and maximize your retirement benefit.
Use this form to requests changes to your contribution amount.
Contributing at Age 50 and Up
If you are 50+, or will turn 50 in 2023, you can contribute an additional $7,500 in “catch-up” contributions in 2023. This contribution is not automatic when you turn 50. If you choose this additional contribution, you must request it.
Use this form to request the “catch-up” contribution.
Make Sure Your Plan Doesn’t Stop
There are a variety of reasons your 401k contributions might stop. For example, you might max out on your contribution limit before the year’s end, and your contributions might not resume in January. Or when anything changes at payroll, such as changing a project or a studio, your 401k contribution might not follow you to your next job (payroll set-up). Take time now to make sure your 401k is set up correctly for 2023.
Use this form to ensure your 2023 contributions. To resume your 401k in 2023, put next year’s Effective Date at the top of the form.
Don’t have a 401k account? Get started now.
Learn more about starting a 401k account here, and begin saving money for retirement.
Forms can be emailed to email@example.com or mailed to the TAG office at the address at the end of the form.
If you have questions or need help, email the Animation Guild 401k staff at firstname.lastname@example.org or call 818-845-7500.