The IRS has announced the new maximum contribution limits for 2023 for 403(b) plans. The annual maximum contribution limit for those under age 50 will increase to $22,500. Employees who are over age 50 (or will turn 50 in 2023) may contribute an additional $7,500 increasing the annual maximum contribution limit to $30,000 for 2023. Please note that these limits apply only to the Employee contributions.
Click on How to Change your Contributions Online for directions on making a change to your contributions for 2023.
TIAA will notify Human Resources of the change request and Human Resources will update the contribution amount.
If you have any questions, please contact Human Resources at Ext. 2240.
Submitted by: Dawn Rotterman, benefits/HRIS manager, Human Resources