IRS Information

The page explains the IRS rules on how much you can contribute to a 403(b) retirement plan, which is a tax-advantaged plan typically available to employees of public schools and certain tax-exempt organizations. It states the annual elective deferral limit, the amount employees can contribute from their salary, to a 403(b) account (for example, $23,000 in 2024 and $22,500 in 2023). It also describes annual addition limits, meaning the combined total of all employee and employer contributions, generally capped at set IRS dollar amounts (e.g., $69,000 in 2024) or 100 % of the employee’s compensation. The page covers catch-up contribution rules for eligible employees, such as an extra amount for those age 50 or older and a special 15-year service catch-up that can allow higher limits if plan rules permit. Finally, it notes that if you participate in multiple retirement plans, your total elective deferrals across plans must not exceed the overall IRS limit for that year.