The Internal Revenue Service (IRS) has increased the contribution limits for the Supplemental 403(b) and Deferred Compensation 457(b) for calendar year 2025. The new annual limits are:
- Under age 50 - $23,500
- Age 50 and over - $31,000 – This includes anyone who will be turning 50 in 2025.
- *NEW for 2025* Age 60, 61, 62, and 63 - $34,750 – This higher catch-up contribution amount was added under the Secure 2.0 Act.
- The age for this additional contribution is based on an employee’s age as of December 31, 2025.
- If you turn 60 in 2025, you are eligible.
- If you turn 64 in 2025, you are not eligible.
- Those age 64 and older are allowed to contribute $31,000.
- The age for this additional contribution is based on an employee’s age as of December 31, 2025.
To make your contribution changes, go to Firefly, Employee Self Service, My Retirement Plans. You will then click on Accounts and Benefits, Manage Contributions, choose the retirement plan, and then Contribution Amount. Enter your contribution amount or percentage you wish to contribute and click on “Continue” or “Change Contribution Amount,” then review and click on Submit.
For contributions to start January 1, 2025, you will need to enter your contributions in December.
If you need any assistance or have any questions, please contact your Campus Benefits Office.