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IRS Announces 2022 Contribution limits for 403(b) plans

The IRS has announced the new maximum contribution limits for 2022 for 403(b) plans. The annual maximum contribution limit for those under age 50 will increase to $20,500. Employees over age 50 may contribute an additional $6,500, increasing the annual maximum contribution limit to $27,000 for 2022.

To make a change to your contribution amount for 2022 go to www.tiaa.org/canisiuscollege .

  • Click on Enroll or Update under the Your Retirement Benefits heading
  • Log into your TIAA Account. If you have never registered for your online account, you can do so from this screen.
  • Click on Manage Contributions
  • Enter the percentage you would like to contribute. This amount does not include the college’s contributions.
  • Select Future Date and enter the date you would like your new contribution to begin.
  • Click on Next
  • Acknowledge the Terms & Conditions and then click Confirm

 

For faculty and staff, a change must be entered before midnight of December 19 to be effective the first pay in 2022.  For Public Safety and SEIU employees, the change must be entered before midnight on Monday January 10 for the first pay in 2022.

TIAA will notify Human Resources of the change request. Human Resources will update the contribution amount.

If you have any questions, please contact Human Resources at Extension 2240.

Submitted by: Dawn Rotterman, Benefit Manager, Human Resources