HR Update

Per the IRS, the annual deferral limit for 2023 is $22,500, and the 2024 limit is rising to $23,000. This limit applies separately to contributions to the 457 Deferred Compensation Plan and 403(b) 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 by the end of the calendar year, you can make additional “catch-up” contributions of $7,500 for a total of $30,500 in 2023. This limit is staying the same ($7,500 for a total of $30,500) in 2024. 

For example, if you are 50 or over in 2024, you can contribute a total of $30,500 across any 401(k) and 403(b) plans. You can also contribute a total of $30,500 across any 457(b) plans, for a total of $61,000 across all 401(k), 403(b), and 457(b) plans. 

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.