YOUR RETIREMENT

IRS sets 2023 contribution limits for 403(b) plans

Want help with investing those savings? You have free access to advisers from Marsh McLennan Agency and TIAA

Illustration of paper money going into a piggybank marked 403(b) on its side

Credit: GETTY IMAGES

The Internal Revenue Service recently announced 403(b) contribution limits for 2023. They are as follows:

  • Pretax elective deferral: $ 22,500 (was $20,500 in 2022)
  • Age 50 and over catch-up: $7,500 (was $6,500 in 2022)
  • Overall by employer/employee: $66,000 (was $61,000 in 2022)
  • Annual compensation limit: $330,000 (was $305,000 in 2022)

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

Should you need assistance with the online portal, contact the JHU Retirement Center at TIAA at 888-200-4074.

To help you make decisions about your retirement investments, JHU has partnered with Marsh McLennan Agency, an independent investment adviser. Register for a virtual session with a licensed MMA Prosper Wise financial coach at no cost to you. MMA coaches do not sell products or receive commissions. Sign in to MMA's Prosper Wise website and click Talk With a Coach in the top right corner to schedule a session.

Representatives from TIAA are also available to meet one-on-one with faculty, staff, and bargaining unit members, either virtually or by phone. The individual financial counseling sessions are free of charge. Visit TIAA.org/schedulenow or call 800-732-8353, weekdays 8 a.m. to 8 p.m.

For general questions about the university's 403(b) retirement plan, call the JHU Benefits Service Center at 410-516-2000 or email benefits@jhu.edu.