HR Update

The annual voluntary retirement contribution limit for 2024 is $23,000, and the 2025 limit is rising to $23,500. This limit is determined by the IRS. 

What plans does this limit apply to?

This limit applies separately to contributions to: 

• 457(b) plans: Any contributions to another employer’s 457(b) plan will be combined with contributions to the University’s 457 Deferred Compensation Plan to determine the contribution limit. You can only contribute the annual limit in total across all of your 457(b) plans.
• 403(b) and 401(k) plans: 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.

This limit does not apply to any contributions to MSRS pension plan or the Faculty Retirement Plan. 

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 2024. This limit is staying the same ($7,500 for a total of $31,000) in 2025. 

For example, if you are 50 or over in 2025, you can contribute a total of $31,000 across any 401(k) and 403(b) plans. You can also contribute a total of $31,000 across any 457(b) plans, for a total of $62,000 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.