Paying taxes is bad enough. Paying penalties to the IRS for contributing above their annual limits for Health Savings Accounts or 401(k) accounts is…well…painful. To avoid over-contributing you need to know how much you put in your Health Savings Account and/or 401(k) at your last job and add these amounts to your current BMC contributions; both amounts count toward the IRS annual limits.
For 2012, the annual IRS limits are:
| 401(k) | 2012 Limit |
|---|---|
| Total before-tax and Roth contributions | $17,000 |
| Catch-up contributions (if age 50 and above) | $5,500 |
| Health Savings Account | 2012 Limit |
| Employee-only coverage | $3,100 |
| Other coverage levels | $6,250 |
| Catch-up contributions (if age 55 and above) | $1,000 |
If you contributed to a 401(k) plan at your last job, you can ask the BMC Payroll team to make sure you don't exceed the 401(k) limits for 2012. Just complete this simple form and send it to the payroll department in Houston.
The BMC 401(k) Deferral Calculator on the Fidelity website can help you figure out how much to contribute each pay period to make sure you don't miss out on any of the BMC matching contributions to your account. You'll find the calculator under "Employer News" on the right side of the home page.
Good to know: BMC pays you to save in the 401(k) plan, but to earn the full company match in your account, you need to contribute at least 5 percent of your eligible pay each pay period throughout the year. Before you use the 401(k) Deferral Calculator, you'll want to:
MyBMC Rewards provides a snapshot of your pay, retirement benefits, health and insurance benefits and corporate programs. Visit MyBMC Rewards to:
Go online anytime or call 877-262-4849. Representatives are available from Monday through Friday, 8 a.m. to 9 p.m., Eastern time.
From enrollment reminders to important 401(k) information and benefits updates, you can be the first to know when your attention or action is required.
The content on this site includes links to tools and information that are not the property of BMC Software, and BMC Software is not responsible for their accuracy, completeness or continued availability. Some of the material contained in this site is based on official plan documents. It is not, nor is it intended to be, the legal plan document or a contract between the company and any employee or contractor. Every effort has been made to ensure the accuracy of this material. In the unlikely event that there is a discrepancy between the site and the official plan documents, the official plan documents will control. BMC Software reserves the right to amend or terminate the plan(s) or program(s) at any time. If you believe the benefits do not describe those available to you, contact the Benefits Center at 877-BMC-4849.
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