For 2024, the IRS has published the maximum annual contribution limits allowed for 403(b) retirement plans. In summary, employees can generally contribute up to $23,000 in elective salary deferrals (voluntary contributions) to their Lafayette retirement plan as it applies to contributions for 2024. This limit is in addition to any employee mandatory and/or college contributions that apply within the plan. Additionally, employees age 50 and above during 2024 may contribute up to an additional $7,500 (over and above the $23,000 general limit) under the Age 50 Catch-up Rule.
Employees currently maximizing their contributions in 2023 will need to complete a new salary reduction agreement in order to contribute the maximum amounts for 2024. The salary reduction agreement form and additional information can be found on the Retirement Savings Plan page. You may make changes to your salary reduction amounts at any time during the year. Please reach out to HR at hroffice@lafayette.edu if you have questions.