HR Update
To improve employee experience, Total Rewards is implementing two changes to retirement savings plans administered by Fidelity Investments. Both changes take effect on January 1, 2025.
New Catch-Up Contributions for Employees Age 60–63
Employees turning age 50 and over can make catch-up contributions to their 403(b) and 457 voluntary retirement plans. As of January 1, 2025, employees turning ages 60–63 have an enhanced catch-up contribution opportunity of $11,250 (instead of $7,500) on top of the 2025 limit.
| Age range (as of December 31, 2025) | 2025 contribution limit |
|---|---|
| Under 50 | $23,500 |
| 50–59 | $31,000 |
| 60–63 | $34,750 (new!) |
| 64 and over | $31,000 |
The limits apply separately to 457 and 403(b)/401(k) plans. For example, if you turn 60 in March 2025, you can contribute a total of $69,500, or $34,750 total across 457 plans and $34,750 total across 403(b)/401(k) plans.
This applies to the following University plans:
- Optional Retirement Plan (ORP)
- 457 Deferred Compensation Plan (457 Plan)
Plan Contributions After Leaving the University
Starting January 1, pay received after leaving the University can have retirement contributions withheld. This includes vacation time that is paid out directly to the employee.
This applies to the following University plans:
- Faculty Retirement Plan (FRP)
- Optional Retirement Plan (ORP)
- 457 Deferred Compensation Plan (457 Plan)
If you are eligible for the FRP, contributions will continue through your final paycheck. If you are contributing to the ORP and/or 457 Plan, contributions will continue based on your current election(s). If you would like to change your contributions to the ORP and/or 457 Plan, you can do so through Fidelity.