The IRS has announced the new limits for 2025 employee retirement contributions.
For employees who are below age 50, the maximum contribution is increasing from $23,000 to $23,500. Employees who are over age 50 have the opportunity to contribute more based on the list below:
- Age 50-59: an additional $7,500 for a total of $31,000
- Age 60-63: an additional $11,250 for a total of $34,750
- Age 64 or older: an additional $7,500 for a total of $31,000
To be eligible to contribute the additional amounts listed, the employee must turn age 50 or age 63 during the 2025 calendar year. These limits apply to the employee contribution only.
Any changes to contribution amounts must be made online and may be made at anytime during the year by following the attached information.
Submitted by: Dawn Rotterman, Benefits and HRIS Manager, Human Resources
