The IRS announced that the annual contribution limits for both supplemental retirement plans have changed for 2024. The general IRS contribution limit for the University of Illinois System 403(b) Plan and the State of Illinois and SURS Deferred Compensation 457 Plans is now $23,000. Employees age 50 or older who participate in the 403(b) or 457 Plans may contribute an additional “catch-up” of $7,500 for a total annual maximum of $30,500. Employees may contribute up to the maximum limit in both optional investment plans.
