The IRS has announced the new maximum contribution limits for 2024 for 403(b) plans. The annual maximum contribution limit for those under age 50 will increase to $23,000. Employees who are over age 50 (or will turn 50 in 2024) may contribute an additional $7,500 increasing the annual maximum contribution limit to $30,500 for 2024. Please note that these limits apply only to the Employee contributions.
Changes in contributions must be made online. Follow the steps above for directions on how to make changes online to your account. Changes may be made at anytime during the year and changes can be future dated as well.
TIAA will notify Human Resources of any change requests and Human Resources will update the contribution amount.
If you have any questions, please contact Human Resources at Extension 2240.
Submitted by: Dawn Rotterman, Benefits/HRIS Manager, Human Resources