The IRS has increased the limit on elective deferrals for 403(b) plan participants effective January 1, 2019.  The new IRS 402(g) limit will be $19,000 per year. Participants age 50 and over may tax defer an additional $6,000, for a total of $25,000.

The chart below lists the applicable contribution amount per pay period to reach the annual limit.2019 Tax Deferral Limits for 403b Retirement Plans

Annual Limit Paid bi-weekly (26) Academic Year Paid over 9 (18)
$19,000 (under age 50) $730.77 $1,055.56
$25,000 (age 50 & over) $961.54 $1,388.89 

If you wish to increase or change your deferral to the new maximum for 2019, please update your contribution amount in the Retirement Manager.  Although enrollments and changes may be made at any time, for changes to be effective with the January 11, 2019, payroll you must submit the information in Retirement Manager before January 2, 2019.    

Plan participants are reminded that you must have a contribution for each pay period in order to be eligible for matching funds from the University.    If you have questions or need additional information, please contact Human Resources at 256-824-6640. 

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