IRS Announces 2025 Retirement Plan Limits - NMU Events and Announcements

IRS Announces 2025 Retirement Plan Limits

The contribution limits for employees who participate in the voluntary 403(b) and/or 457(b) plans are increasing in 2025 from $23,000 to $23,500 while 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 2025, the maximum amount you may contribute into your voluntary retirement plan is $23,500.  If you are age 50 or above, the maximum amount you may contribute is $31,000 ($23,500 plus $7,500 catch-up).  Employees interested in adjusting their retirement contribution amount should contact Kimberly Hongisto, Benefits and Onboarding Coordinator, at khongist@nmu.edu or phone x2470 and request a Salary Reduction Agreement.