The IRS announced on November 1, 2024, that maximum contribution limits for 403(b) plans are increasing in 2025, and clarified the extra “super catch-up” amount available to individuals who are eligible for the age 60–63 catch up:

• The maximum contribution is increasing to $23,500 (up from $23,000 in 2024).
• The catch-up amount for individuals ages 50-59 and 64 and over remains at $7,500, for a total contribution amount of $31,000 in 2025.
• The catch-up amount for individuals ages 60-63 will be $11,250 instead of $7,500 (rather than in addition to that amount), for a total of $34,750 in 2025.

Those who have previously elected the IRS maximum do not need to submit a new Salary Reduction Agreement form unless they are crossing into a new age group and therefore will be eligible for the catch-up or super catch-up for the first time. Human Resources will reach out to those individuals in December this year if an updated form is needed for 2025.

Questions can be directed to Viktoria Rill at vrill@iit.edu or x73353.