The Internal Revenue Service (IRS) has announced the supplemental retirement plan contribution limits will increase for 2024. As a 403(b) or 457 plan participant, the following information and reminders may be helpful to you.
The University’s 403(b) Plan and the State’s 457 Deferred Compensation Plan contribution limits are increasing for 2024
- Contribution limit is $23,000 for the University 403(b) plan and $23,000 combined limit for the 457 Plans.
- The limit is $30,500 if you are age 50 or over at the end of the 2024 calendar year.
- You may contribute to the 403(b) and the 457 Plans simultaneously, and you may contribute to both traditional (pre-tax) and Roth (after-tax) at the same time, but your combined contributions cannot exceed the limit for each type of plan. If you participate in both the State and SURS Deferred Compensation plans, your combined 457 contribution limit is $23,000 or $30,500 if you are age 50 or over at the end of the 2024 calendar year.
- See the Supplemental Retirement Plan Comparison Chart for more information.
To Change Your Contribution(s)
Beginning With Your First Pay in January |
University 403(b) | Go to My UI Info to complete a Salary Reduction and/or Redirection Agreement (SRA) between the following dates: Bi-weekly Paid Employees: December 10 – 23
Monthly Paid Employees: December 17 – January 8 Completing the SRA before the above dates will make the change too soon, and after the above dates may delay the change until February. |
State 457 Deferred Comp. | Go to Empower to complete an enrollment, change or revocation between the following dates: Bi-weekly Paid Employees: December 10 – December 21
Monthly Paid Employees: December 8 – December 29 Completing your transaction before the above dates will make the change too soon, and after the above dates may delay the change until February. |
SURS 457 Deferred Comp. | Go to SURS DCP website to complete an enrollment, change or revocation between the following dates: Bi-weekly Paid Employees: December 1 – December 31 (changes will be reflected on the second pay in January)
Monthly Paid Employees: December 1 – December 31 Completing your transaction before the above dates will make the change too soon, and after the above dates may delay the change until February. |
Final Contributions for Tax Year 2023
The retirement plan payroll deductions withheld from your December paycheck(s) are the final contributions that can be made for the 2023 tax year.
Important for Each Tax Year
If you contributed, in any calendar/tax year, to a retirement plan through another employer, it is your responsibility to monitor your total contributions to all plans to ensure that you do not contribute over the IRS maximum allowed each year.
Questions?
For more information, please see Retirement & Investment Plans. If you need assistance making a change to your contribution amount or have questions, contact University Payroll & Benefits (UPB) via the UPB Service Portal.
Please make all changes online using the University SRA, Empower system, and/or SURS DCP website. UPB cannot guarantee the receipt of forms mailed or faxed, so we highly recommend that you complete your enrollment, revocations, and changes online. Do not send forms or documentation that include your Social Security Number.
