Faculty and Staff – 2023 Contribution Limits – Voluntary Supplemental Retirement Plans
The IRS has announced the 2023 contribution limits for the Voluntary Supplemental Retirement Savings Plans:
Plan type Maximum employee contributions during CY 2023
401(k)/403(b) aggregate limit $22,500- changing from $20,500 in 2022
457(b) $22,500- changing from $20,500 in 2022
Catch-up contributions (Age 50+) $ 7,500- changing from $6,500 in 2022
Note: January 2023 deduction changes must be submitted to us no later than Monday, December 19, 2022.
To enroll or change a supplemental retirement plan, please proceed to the Retirement Benefits webpage and scroll down to the Voluntary Supplemental Retirement Plans section.
The Deduction Authorization Forms for TIAA and Fidelity can be found under Getting Started, step #1. Please continue to follow the steps listed for additional assistance in completing and submitting your forms.
Tip for calculating your contribution per pay: There are 26 pay periods per calendar year, take the maximum amount you wish to contribute to your Voluntary Supplemental Retirement Account and divide that by the number of pays (26). For example, if you wish to contribute $22,500 for calendar year 2023 beginning with the first pay in January, your contribution amount per pay would be $865.38.
Pay schedules can be found on the TU Payroll Office webpage.
Tags: Office of Human ResourcesCategorised in: General
This post was written by Lam, Irene M.