Fri, 15 Dec 2023 17:11:40 -0500
benefits

Supplemental Retirement Account (SRA) Plan Limits for 2024

SRA forms should be submitted via DocuSign by Monday, December 18, 2023 in order for the new contribution amount to take effect on the first 2024 paycheck on January 5, 2024.

The IRS has announced the contribution limits for supplemental retirement accounts (SRA) will increase for calendar year 2024. The base maximum deferral amount will increase to $23,000 for the 401(k), 457(b), or 403(b) plans. Employees age 50 or older may contribute an additional $7,500 in catch-up contributions.

SRA contributions can be changed at any time. To make changes to the first paycheck in January 2024, SRA change forms must be submitted by Monday December 18, 2023.

The following amounts are the maximum bi-weekly SRA contributions for 26 pay periods, starting with the first paycheck on January 5, 2024:

Under Age 50:

401(k)/403(b) Bi-weekly contributions over 26 pays ($23,000/26): $884.61

457(b) Bi-weekly contributions over 26 pays ($23,000/26): $884.61

Age 50 or Older:

401(k)/403(b) Bi-weekly contributions over 26 pays ($30,500/26): $1,173.07

457(b) Bi-weekly contributions, over 26 pays ($30,500/26): $1,173.07

Please see the attached memo for additional information. For questions about your SRA, please email hrbenefits@umbc.edu.