Skip to main content

IRS increases retirement plan limits

The IRS has raised the contribution limits for retirement accounts in 2024, providing opportunities for employees to boost their savings and invest more for the future.

Here’s how the changes will affect the IU supplemental retirement plans:

  • IU Tax Deferred Account
    • Those under age 50 can contribute up to $23,000, an increase from $22,500 in 2023.
    • Those age 50 and older can contribute up to an additional $7,500, for a total annual contribution of $30,500.
  • IU 457(b) Plan
    • Those under age 50 can contribute up to $23,000, an increase from $22,500 in 2023.
    • Those age 50 and older can contribute up to an additional $7,500, for a total annual contribution of $30,500.
    • Some employees may be eligible to make additional contributions at age 62, 63 and 64. Contact askhr@iu.edu for details.

While retirement may seem far off for some, the power of compound interest means that every additional dollar you save today could grow significantly by the time you retire. Increasing your contributions by even a small amount can help ensure that you have enough to enjoy your retirement years to the fullest.

Key considerations

  • Eligible employees can contribute up to the IRS maximum in each plan each year.
  • Contributions can be pre-tax, after-tax (Roth) or as a combination of both.
  • Participants are responsible for compliance with the IRS annual limits and for understanding aggregation rules, especially if enrolled in multiple plans. Learn more about these limits and rules.
  • Eligibility for the IU TDA plan includes academic and staff employees appointed at 50 percent or more full-time equivalent, and employees classified as temporary with retirement. All IU employees are eligible for the IU 457(b) plan.

Need assistance?

Navigating retirement savings can be complex, but the IU Human Resources Benefits team and IU’s dedicated Workplace Financial Consultants from Fidelity are available to assist you. They can help you understand the new limits, how they apply to you and how to adjust your contributions.

Ready to enroll or contribute more to your accounts? Simply submit an optional benefit change request through the Employee Center. To learn more about the IU TDA and 457(b) plans, visit the IU retirement plans website or contact AskHR at askhr@iu.edu.