Plan allows participants to make pre-tax contributions and thereby lower their taxable income.
The contributions, plus the interest or gain, remain tax-sheltered until the participant takes a distribution. Annual monitoring of voluntary tax deferred contributions is now required by federal tax law. The systematic calculation is being performed for nearly 190,000 university employees. In addition, you can call At Your Service to order a personalized description of the applicable IRS limits and the data elements used in your calculation. You will need to review the data elements used in your MAC calculation to determine if they are correct.