The end of the year is approaching, but you still have time to maximize your supplemental retirement savings and ease your income tax burden for 2007.

Tax law for 2007 allows employees under age 50 to save up to $15,500 tax-deferred savings through these supplemental accounts. Employees 50 and over can save up to $20,500.
 
With interest and time, even small increases in your contributions can result in significant increases in your retirement savings. Plus, contributions to tax-deferred plans reduce your federal taxable income.

WSU offers two supplemental retirement accounts for employees:

• The Tax-Deferred Investment (TDI) program through TIAA-CREF. To increase or start a TDI, complete a “Salary Reduction Agreement,” available at Human Resource Services (HRS) or ONLINE @ www.hrs.wsu.edu/utils/file.aspx?fileid=1109. Mail this to HRS, P.O. Box 641014, Pullman, WA 99164-1014 or send it through intercampus mail to campus zip 1014. New participants also must enroll ONLINE @ http://enroll.tiaa-cref.org/wsu and click on the Enroll Now! link. For online enrollment instructions, see ONLINE @ www.hrs.wsu.edu/utils/File.aspx?fileid=2223 and follow the step-by-step prompts.

• The Deferred Compensation Program (DCP) through the state Department of Retirement Systems. To increase or start your DCP, complete the enrollment form in the DCP packet available at Human Resource Services (HRS) or ONLINE @ www.drs.wa.gov/dcp. Mail the form directly to DRS.

The minimum amount to participate in either plan is $15 per pay period ($30 per month). Employees can participate in both plans and contribute up to the maximum in each.

To determine the impact that increased tax-deferred contributions could have on your take-home pay; visit TIAA-CREF’s TDA Advantage Contributions Evaluator ONLINE @ www.tiaa-cref.org and click Planning Tools and/or see DCP’s Resource Center ONLINE @ www.drs.wa.gov/dcp.  

For more information on either program visit ONLINE @ www.hrs.wsu.edu/TDI%20Plans or contact HRS at 335-4521.

Benefits fair Oct. 30
The WSU Benefits Fair for the Pullman campus will be noon-3 p.m. Tuesday Oct. 30 on the second floor of French Ad and Lighty. Information on fairs at other WSU campuses and locations will be in the Perspecitve newsletter that is being mailed to all employees.