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RIC Education-Related

Begin or change your contributions, complete the RIC 403b Salary Reduction Form. Learn more information about RIC Education-Related Employees.

Year 20232024
RegularLesser of 100% of compensation* or:$22,500$23,000
Age 50+Regular limit plus 50+ catch-up$30,000$30,500
15-Yr Catch-Up**Regular limit + $3,000 (must be employed w/current employer 15+ yrs & meet other eligibility rules)$25,500$26,000
Total EECombined maximum if eligible for Age 50+ & 15-Yr Catch-Up limits$33,000$33,500
Total EE+ER***Maximum of employer & employee combined contributions$66,000$69,000

Please Note: The combined amount of all 403b and 401k pretax and post-tax Roth elective contributions in a tax year is limited to the IRS maximum contribution limits shown above.  

* Compensation is includible compensation as defined in the 403b Plan Document, and is generally your gross salary minus retirement (IPERS) deductions in your most recent year of service. The maximum amount you may contribute is reduced by deductions for FICA, insurances, flexible spending accounts, employee organizations, assignments, and other like items. Contributions must not exceed the IRS maximum limits shown above.

** A calculation is required to determine the actual amount available under the 15-Year Catch-up. If an employee is eligible for both catch-ups in the same year, that year's 15-Year Catch-up must be used first, before contributing under the Age 50+ Catch-up. To be eligible to utilize the 15-year catch-up, a participant must have worked for the current employer full-time for at least 15 years, used less than the lifetime maximum of $15,000, and contributed an average annual contribution of $5,000 or less.

*** Total limit for employees age 50+ who contribute the full Age 50+ Catch-Up is $73,500 for 2023 and $76,500 for 2024.