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Faculty/Staff – 2024 Supplemental Retirement Plans Contribution Increase

The IRS has announced the 2024 contribution limits for the Voluntary Supplemental Retirement Savings Plans:

Plan type                                                      2024 Maximum employee contributions

401(k)/403(b) aggregate limit                      $23,000- changing from $22,500 in 2023

457(b)                                                               $23,500- changing from $22,500 in 2023

Catch-up contributions (Age 50+)               $7,500 remains the same as 2023

Note:  January 2024 deduction changes must be submitted to us no later than Tuesday, December 19, 2023.

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 maximum:

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.

For example, if you wish to contribute $23,500 for calendar year 2024 beginning with the first pay in January and are paid over 26 pay periods, your contribution amount per pay would be $903.84.

Pay schedules can be found on the TU Payroll Office webpage.

Categorised in: General

This post was written by Morrow, Jennifer G.