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Save more for retirement in 2023

Each year, the IRS announces changes to the contribution limits for retirement plans. For 2023, the limits for IU’s supplemental retirement plans have increased as follows:

  • IU Tax Deferred Account Plan
    • Those under age 50 can contribute up to $22,500, up from $20,500 in 2022.
    • Those age 50 and older can contribute up to an additional $7,500, up from $6,500 in 2022, for a total annual contribution of $30,000.
  • IU 457(b) Plan
    • Those under age 50 can contribute up to $22,500, up from $20,500 in 2022.
    • Those age 50 and older can contribute up to an additional $7,500, up from $6,500 in 2022, for a total annual contribution of $30,000.
    • Some employees may be eligible to make additional contributions at age 62, 63 and 64. Contact askhr@iu.edu for details.

Eligible employees can contribute up to the IRS maximum in each plan each year. Contributions can be pre-tax, after-tax (Roth) or as a combination of both. Participants are responsible for ensuring that they do not contribute more than the annual limit and for understanding the aggregation rules if enrolled in multiple plans, including plans outside of the university. Details on these limits and rules are available on the IU Human Resources website.

Eligibility for the IU TDA Plan includes academic and staff employees appointed at 50 percent or more full-time equivalent, and employees classified as temporary with retirement. All IU employees are eligible for the IU 457(b).

Enrollment or plan changes can be done at any time by submitting an optional benefit change request through the Employee Center. To learn more, visit the IU retirement plans website or contact AskHR at askhr@iu.edu.

Expand your financial know-how

If you’re interested in learning more about your retirement savings options at IU, or in improving your overall financial fitness, you’re encouraged to attend an upcoming webinar hosted by IU Human Resources. A schedule of events and links to register are available on the IU Human Resources events calendar.