The IRS announced that 403(b) plan participants may elect to contribute up to $20,500 to their accounts in 2022, a $1000 increase from the $19,500 maximum in 2021. Additionally, participants who are turning 50 before the end of the calendar year, as well as those over 50 and still eligible to make employee contributions, can contribute an additional $6500 in 2022 for a total of $27,000.
If you have already submitted a request to maximize your contributions in a previous year, your contributions will automatically change to the new IRS maximum, unless you specify otherwise. If you wish to start to maximize your contributions in 2022, please complete this form and submit it to Megan Childers (mab7) or Kristen MacFarlane (kam9), or via campus mail to Human Resources.