November 28, 2023 2024 Limit Increase The IRS has announced cost-of-living adjustments (COLAs) affecting the dollar limits related to qualified retirement accounts for the 2024 tax year. Great news — elective deferral limits have increased for both the 403(b) and 457(b) plans. Annual limits for both plans will increase to $23,000, up from $22,500 in 2023. The catch-up contributions allowed for individuals age 50+ remains at $7,500. Log into your TIAA PlanFocus account through your MyUAH page to adjust your contribution if you wish to take advantage of the higher retirement salary deferrals. Indicate that this change should take effect on the first check of the new calendar year, dated January 5, 2024. There is a calculator available which will assist you in determining the percentage of your earnings to contribute if you wish to reach the annual limit. Your salary deferral change must be entered by December 26, 2023 to be reflective on your first check of the new calendar year. No action is required if you do not wish to make any changes. Your current contribution amount will continue to be withheld from your check. Other Support You can access the TIAA Plan Focus through your MyUAH page, under the Human Resources category. Follow this link to view the TIAA Quick Guide, for instructions to enroll, change contributions, investments, and beneficiary designation. Contact the TIAA customer support team for assistance at 800.842.2252. Plan 2023 Annual Limit 2024 Annual Limit Annual Increase Catch-up Provision (age 50+) 2024 Annual Limit (age 50+) 403(b) $22,500 $23,000 $500 $7,500 $30,500 457(b) $22,500 $23,000 $500 $7,500 $30,500 TOTAL $46,000 $61,000
