Are you contributing to a supplemental retirement and investment plan? If not, now may be a good time to start!
The University 403(b) Plan is one of three supplemental retirement plans available to help you start or increase your retirement savings. Enrollment is voluntary and available at any time.
If you already contribute to one of these plans
Consider increasing your contribution, or reviewing your retirement goals, and updating your beneficiaries.
Contribution Limits
The 2024 403(b) contribution limit is $23,000* ($30,500 if you are age 50 or over).
The 2024 457 contribution limit is $23,000* ($30,500 if you are age 50 or over).
You may contribute both traditional (pre-tax) and Roth (after-tax) at the same time, but your combined contributions cannot exceed the limit listed above for each plan. If you participate in both the State and SURS Deferred Compensation plans, your combined 457 contribution limit is $23,000. You may contribute to these plans simultaneously and you may be eligible to make additional contributions in some cases. See the Supplemental Retirement Plan Comparison Chart for more information.
* If during the calendar year you contribute to a retirement plan through another employer, it is your responsibility to monitor your contributions to all plans to ensure you do not contribute over the IRS maximum allowed each year.
Questions?
View Retirement & Investment Plan information or create a service ticket or contact University Payroll & Benefits.
Retirement and investment plan information is general in nature about matters of interest to University of Illinois System employees. This information is not legal, financial, or tax advice. You should consult with a legal, financial, or tax professional for assistance with your individual circumstances.
