The Internal Revenue Service has announced the dollar limitations for retirement plans for the 2023 tax year.
The 403(b) and 457(b) contribution limits have increased from $20,500 to $22,500 and the age 50 catch-up contribution has increased from $6,500 to $7,500.
Employees wanting to enroll into a Supplemental Retirement Account or make changes to an existing account may complete the electronic Salary Reduction Agreement.
The deadline to submit SRA changes or new account enrollments to begin on the first pay in January 2023 (Jan. 13) is 5 p.m. Dec. 14.
For questions, contact WVU Shared Services at 304-293-6006 or SharedServices@mail.wvu.edu.