Annual Catch-up Contribution Limits Increasing for Faculty and Staff Ages 60-63
Posted by Selena Salazar on December 12, 2024New IRS rules under the Secure 2.0 act will allow faculty and staff ages 60, 61, 62, and 63 to increase their annual retirement catch-up contribution limit from $7,500 to $11,250 beginning January 1, 2025. Please note that those turning 64 in 2025 are not eligible for these extra catch-up contributions. To enroll or change your election for 2025, complete the Salary Reduction Agreement form and submit it to Human Resources. For more information, please visit .