HR Update

2022 & 2023 Elective Retirement Contribution Limits

Per the IRS, the annual deferral limit for 2022 is $20,500, and the 2023 limit is rising to $22,500. This limit applies separately to contributions to the 457 Deferred Compensation Plan and Optional Retirement Plan. This limit does not apply to any contributions to MSRS pension plan or the Faculty Retirement Plan. 

If you participate in separate 401(k) or 403(b) plans, any contributions to those plans are combined with contributions to the University’s Optional Retirement Plan when determining your yearly contribution limits. You can only contribute the annual limit in total across all of your 401(k) and 403(b) plans.

Likewise, any contributions to another employer’s 457(b) plan will be combined with contributions to the University’s 457 plan to determine the contribution limit. You can only contribute the annual limit in total across all of your 457(b) plans.

Catch-up contributions (ages 50+)

If you are age 50 or over, you can make additional “catch-up” contributions of $6,500 for a total of $27,000 in 2022. This limit is increasing to $7,500 for a total of $30,000 in 2023. 

Where should I go if I have questions?

Please contact Fidelity at 800-343-0860 with any questions. You can also set up a free one-on-one meeting with a Fidelity financial planner to discuss your situation in depth.

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