15 year service credit 403(b) catch up contribution
I've been looking at ways to reduce AGI, and found out today that there's a special 15 year service credit rule for those with 403(b) accounts. My wife has been contributing to her 403(b) starting just recently, but she has been working there for 15 years. I discovered that there is a special rule for educators working at least 15 years, where they can add an extra $3k per year, up to a total of $15k (lifetime) to play catch up.
I called Fidelity and the rep said as long as her average contribution has been under $5k/year since she started working there, she can contribute the additional $3k to the account per year until she reaches $15k additional (probably the next 5 years). This is great news as she can contribute $18.5k this year total.
Seems to me that the corporation's race to the top is resulting in a race to the bottom for the employee's quality of life. FIRE can't come soon enough.