Supplemental Retirement Account (SRA) Plan Limits for 2023

Wed, 16 Nov 2022 18:15:53 -0500
benefits, retirement, savings

The IRS has announced the contribution limits for supplemental retirement accounts (SRA) will increase for calendar year 2023. The base maximum deferral amount will increase to $22,500 for calendar year 2023 in the 401(k), 457(b), or 403(b). Employees' age 50 or older may contribute an additional $7,500 catch-up contribution.

SRA contributions can be changed at any time. To make changes for the first paycheck in January 2023, SRA change forms (now in DocuSign) must be submitted to Human Resources by Tuesday December 20, 2022.

The following amounts are the maximum bi-weekly SRA contributions for 26 pay periods, starting with the first paycheck, January 6, 2023:

Under Age 50:

401(k)/403(b) Contributions, over 26 pays ($22,500/26): $865.38

457(b) contributions, over 26 pays ($22,500/26): $865.38

Age 50 or Older:

401(k)/403(b) Contributions, over 26 pays ($30,000/26): $1,153.84

457(b) contributions, over 26 pays ($30,000/26): $1,153.84

Please review the SRA comparison chart and ROTH comparison chart for more information on the maximum deferrals between accounts.

In addition, retirement vendors offer virtual one-on-one consultations. To schedule an appointment, visit the HR Website.

For questions about your SRA, email HRbenefits@umbc.edu.