Types of Contributions

As a Plan participant, you can make a number of different contributions. The more contributions you make, the more quickly the assets in your retirement account will grow. In addition, since these contributions are made on a pre-tax basis, they can also reduce your taxable income.

Salary Reduction Contribution

You can elect to make a contribution that is deducted from your salary on a pre-tax basis. The election is made through a salary reduction agreement (see sample) with your employer.  The contribution should be remitted by your employer within 15 days following the end of the month.  The salary reduction contribution limit for 2017 is $18,000.

Employer Contribution

Your employer may make contributions on your behalf directly to the JRB based on your employer’s retirement program.  For clergy, the amount of the contribution is determined by your employment agreement. The employer contribution limit for 2017 is $54,000.

Age 50 “Catch-Up” Contribution

You may make additional “catch-up” contributions beginning in the year you reach age 50.  The limit for 2017 is $6,000.

Rollover Contributions

You may also roll over some or all of your assets from other pre-tax retirement accounts into your JRB account on a tax-free basis. Rollovers are permitted from other 403(b), 401(k), and Traditional IRA accounts.

Contributions from Self Employed Clergy

If you are a rabbi or cantor and are receiving a Form 1099-Misc for your services, you can contribute directly to your JRB account.

Post Employment Contributions

Your employer may make additional contributions to your JRB account for up to 5 years after your employment ends.

 

Retirement Plan Limits

2017

Salary Reduction Contributions

$18,000

Age-50 Catch-up Contributions

$6,000

Annual Maximum

$54,000

Annual Maximum, age-50 or older

$60,000