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.

All HR Updates
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Updated Federal EEO Poster

The EEOC has consolidated two existing EEO workplace posters into one. These required labor/employment postings should be physically displayed in a manner that all employees can view them at their regular workplace.

Background Check Exceptions

In rare cases, employees may start their appointment prior to the completion of a background check.

2022 & 2023 Elective Retirement Contribution Limits

Sharing a reminder on the 2022 limits and the new 2023 limits.

New Process for Entering Background Check Dates

Beginning December 1, units no longer need to manually enter the dates of successful background checks.

Save the Dates: HR at the University Training

An opportunity for new HR practitioners to gain an understanding of HR policies, principles, and practices at the University of Minnesota as well as network with other HR professionals from across the system.