2024 Retirement Plan Limits--403(b) and 457(b) Plans
The IRS has recently announced the 2024 Retirement Plan Limits. The contribution limits for employees who participate in the voluntary 403(b) and/or 457(b) plans have increased from $22,500 to $23,000 in 2024, and the catch-up contribution limit for employees age 50 and over who participate in these plans remains unchanged at $7,500.
This means if you are under age 50 in 2024, the maximum amount you may contribute to your voluntary retirement plan is $23,000. If you are age 50 or above, the maximum amount you may contribute is $30,500 ($23,000 plus $7,500 catch-up). Employees interested in adjusting their current retirement contribution, or beginning a new salary reduction, should contact Kimberly Hongisto, Benefits and Onboarding Coordinator, at khongist@nmu.edu or phone x2470 and request a Salary Reduction Agreement.