Voluntary retirement plan contribution limits for 2024
From: Human Resources
Virginia Tech employees have many retirement plan options, including voluntary plans such as the university's Deferred Savings Program (403(b) Plan) and the Commonwealth of Virginia’s Deferred Compensation Plan (457(b) Plan).
All Virginia Tech employees (including adjunct faculty, wage, and student wage) are eligible to participate in one or both voluntary plans, which provide additional ways to save money toward retirement. Contributions can be made through pre-tax or after-tax (also called Roth) payroll deductions. Employee contributions and any applicable matching employer contributions in your 403(b) and 457(b) Plans are immediately 100 percent vested.
Below are the 2024 IRS maximum annual limits for contributions to a 403(b) Plan and a 457(b) Plan:
- Under age 50: $23,000
- Over age 50: $30,500 (with the $7,500 age catch-up)
Note: These limits are separate for the 403(b) and 457(b) plans, and employees can contribute to both.
If you wish to enroll, or are already participating and wish to make changes to current contributions, the following links provide access to additional information:
- 403(b) Plan: Complete the Voluntary 403(b) Retirement Contribution Election Form and submit the form to the HR Service Center.
- 457(b) Plan: Contact the plan provider or by calling 1-877-327-5261.
If you intend for a contribution change to be effective for the 1st pay period in January 2024, return 403(b) forms to Human Resources by Dec. 21, and make the election with 457(b) plan online by Dec. 31.
For more information about Virginia Tech’s retirement plan options, contact the HR Service Center at 540-231-9331.