IRS sets 2022 contribution limits for 403(b) plans

The Internal Revenue Service recently announced the annual 403(b) limits for 2022. They are as follows:

• Pretax elective deferral: $20,500 (was $19,500 in 2021)
• Age 50 and over catch-up: $6,500 (same as in 2021)
• Overall by employer/employee: $61,000 (was $58,000 in 2021)
• Annual compensation limit: $305,000 (was $290,000 in 2021)

You are able to view, make changes to, and enroll in a Johns Hopkins University retirement plan at any time during the year using the online Retirement Choice portal available from the myChoices Retirement Enrollment tab on the Benefits & Worklife homepage.

Representatives from Fidelity, TIAA, and Vanguard are available to meet with faculty, staff, and bargaining unit members virtually or by phone. The individual financial counseling sessions are free of charge. Contact the investment company directly to make your appointment. The schedule and contact information are available on the Benefits & Worklife website.

Should you need assistance with the online portal, contact the JHU Retirement Center at TIAA at 888-200-4074. For general plan-related questions, call the JHU Benefits Service Center at 410-516-2000 or email benefits@jhu.edu.