The Internal Revenue Service (IRS) has announced the supplemental retirement plan contribution limits will increase for 2025. As a 403(b) or 457 plan participant, the following information and reminders may be helpful to you.
The University’s 403(b) Plan and the State’s 457 Deferred Compensation Plan contribution limits are increasing for 2025
- If you are under the age of 50, your contribution limit is $23,500 for the University 403(b) plan and $23,500 combined limit for the 457 Plans.
- If you are age 50 or over at the end of the 2025 calendar year, your limit is $31,000. Please read the next bullet.
- If you are age 60, 61, 62, or 63 during the 2025 calendar year, your limit is $34,750. This is a new catch-up contribution available beginning January 1, 2025.
- If you are age 63 during the 2025 calendar year but will be age 64 by the end of 2025, your contribution limit will be $31,000.
- You may contribute the annual maximum to both the 403(b) and the 457 Plans.
- You may contribute to both traditional (pre-tax) and Roth (after-tax) at the same time.
- See the Supplemental Retirement Plan Comparison Chart for more information.
To Change Your Contribution(s)
Beginning With Your First Pay in January
Important: Making changes before the dates below will make the change too soon, and after the dates below may delay the change until February. |
University 403(b) | Go to My UI Info to complete a Salary Reduction and/or Redirection Agreement (SRA) between the following dates: Bi-weekly Paid Employees: December 22 – January 4
Monthly Paid Employees: December 17 – January 8 |
State 457 Deferred Comp. | Go to Empower to complete an enrollment, change or revocation between the following dates: Bi-weekly Paid Employees: December 8 – January 2
Monthly Paid Employees: December 16 – January 2 |
SURS 457 Deferred Comp. | Go to SURS DCP website to complete an enrollment, change or revocation between the following dates: Bi-weekly Paid Employees: December 8 – January 2
Monthly Paid Employees: December 1 – January 2 |
Final Contributions for Tax Year 2024
The retirement plan payroll deductions withheld from your December paycheck(s) are the final contributions that can be made for the 2024 tax year.
Important for Each Tax Year
If you contributed, in any calendar/tax year, to a retirement plan through another employer, it is your responsibility to monitor your total contributions to all plans to ensure that you do not contribute over the IRS maximum allowed each year.
Questions?
For more information, please see Retirement & Investment Plans. If you need assistance making a change to your contribution amount or have questions, contact University Payroll & Benefits (UPB) via the UPB Service Portal.
Please make all changes online using the University SRA, Empower system, and/or SURS DCP website. UPB cannot guarantee the receipt of forms mailed or faxed, so we highly recommend that you complete your enrollment, revocations, and changes online. Do not send forms or documentation that include your Social Security Number.
