IRS RETIREMENT PLAN LIMITS
The Internal Revenue Service (IRS) dollar limits for qualified plans (i.e., TIAA-CREF Retirement) and other tax-favored retirement plans for 2007 are in bold type in the table below. To change your retirement contribution amount, you must complete an Agreement for Salary Reduction form available at: http://www4.cord.edu/humres/forms/salredform.pdf. Please return it to the Office of Human Resources.
| IRS Retirement Plan Limits | 2005 | 2006 | 2007 |
| Maximum Elective 403(b) Deferrals | 14,000 | 15,000 | 15,500 |
| 403(b) Catch-Up Limit for Individuals Age 50 and Older | 4,000 | 5,000 | 5,000 |
Employees with at least 15 years of service may be able to make additional elective deferrals up to $3,000, bringing their maximum deferrals limits to $18,500 for the 2007 tax year. The lifetime limit for contributions over the general limit under this rule is $15,000. To determine if you qualify for the 15-year rule, please contact TIAA-CREF at: 800-842-2776.