Late on November 4, the IRS announced that the maximum contribution limits for 403(b) plans will increase in 2022 from $19,500 to $20,500. The catch-up contribution maximum will remain at $6,500.

This means that for 2022, anyone who has not reached age 50, or will be turning 50 during the 2022 calendar year, can contribute $20,500. Anyone who has reached age 50, or who will be turning 50 during 2022, can contribute a total of $27,000 for the year.

Anyone who is currently electing that the IRS maximum be contributed will not be required to take action, unless they are turning 50 during 2022 (Human Resources will reach out to anyone turning 50 next year).

Anyone who would like to increase their contributions to hit the IRS maximum should complete a new Salary Reduction Agreement form. Blank PDF versions of the form can be found on the HR Portal Forms page. You can also reach out to Viktoria Rill (vrill@iit.edu) or Anjuli Rabindranath (arabindr@iit.edu) to obtain an electronic version of the form.

Questions regarding the 403(b) retirement plan can be directed to Viktoria Rill in Human Resources.