There’s good news for those planning to bolster their retirement investments in 2023. Contribution limits have increased for two of UM’s retirement savings plans.
Store more in 2023
Why review your contributions now? Financial experts agree that small increases can add up to big savings when given time to grow.
Faculty and staff involved in the 403(b) Supplemental Retirement Account (SRA)) and 457(b) Deferred Compensation Plan can now save more for the future. The Internal Revenue Service recently announced increased annual contribution limits for 2023:
- For employees under age 50: increase from $20,500 to $22,500
- For employees age 50 and over: $30,000 for each plan
The limit includes your 5% 403(b) Basic Retirement Plan contribution.
View updated calculators
UM’s 403(b) and 457(b) calculators in Wolverine Access have been updated with contribution limits for the remainder of 2022 and for 2023. To view them:
- Select Faculty & Staff > Employee Self-Service > Benefits > Calculate Ret. Contribution.
- View tabs for 403(b) and 457(b) plans are located at the top left of the page.
- The “As of” in the upper right margin should indicate the current date and the 2022 deadline.
- Click “Recalculate for next year” to calculate the limit for the next calendar year.