2023 Retirement Plan Limits - NMU Events and Announcements

2023 Retirement Plan Limits

The contribution limits for employees who participate in the voluntary 403(b) and/or 457(b) plans has increased from $20,500 to $22,500 in 2023; and the catch-up contribution limit for employees age 50 and over who participate in these plans increased from $6,500 to $7,500 in 2023. 

This means if you are under age 50 in 2023, the maximum amount you may contribute into your voluntary retirement plan is $22,500.  If you are age 50 or above, the maximum amount you may contribute is $30,000 ($22,500 plus $7,500 catch-up).  Employees interested in adjusting their retirement contribution amount should contact Kimberly Hongisto, Benefits Specialist, at khongist@nmu.edu or phone x2470 and request a Salary Reduction Agreement.