RCUH HR INFO ONLY – New 2023 Maximum Allowable Contribution Limits for 403(b) Supplemental Retirement Annuity (SRA) Plan

TO:      All Eligible Regular-Status Employees that wish to elect/maintain the Maximum Allowable Contribution in the Calendar Year

On October 21, 2022, the Internal Revenue Service (IRS) announced cost-of-living adjustments increasing the maximum dollar contributions for pension plans and other retirement-related plans for 2023. Effective January 1, 2023 maximum contribution limits will increase (see Table below):

Supplemental Retirement Annuity (SRA) Maximums – Effective January 1, 2023

 2022 MaximumNew 2023 Maximum
Under 50 years old$20,500$22,500
Additional catch-up contribution for individuals 50 years or older$6,500 (Total $27,000)$7,500 (Total $30,000)

New Participants (electing maximum allowable contribution):

Current Participants (previously elected the maximum allowable contribution):

If you have previously elected the maximum allowable contribution, you must submit a new Agreement for Salary Reduction Form (B-6) if you wish to maintain the maximum allowable contribution amount for the TIAA Supplemental Retirement Annuity (SRA) plan if you have elected. The RCUH does NOT automatically adjust your SRA contributions to the revised IRS Maximums ($937.50 per pay period for individuals under 50 years old, $1,250 per pay period for individuals 50 years or older).

If you have any questions, please contact RCUH Human Resources Department’s Benefits Office via email at [email protected] or contact them at (808) 956-3100.

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