Retirement Savings Plan Maximum Contributions

The Economic Growth and Tax Relief Reconciliation Act of 2001 provided increased retirement savings opportunities for employees. If you make contributions or are planning to make contributions to the voluntary tax-deferred 403(b)(7) retirement savings program, following are the maximum contribution limits. If you are not contributing to your 403(b)(7) you may begin making contributions or change your investments at any time.

Generally, your voluntary contribution to the 403(b)(7) program is limited to $23,000 in 2024. 

• The overall limit for combined retirement contributions to your own 403(b)(7) plan plus contributions from SPU to your 401(a) plan is the lesser of 100% of your salary or $69,000 (or $76,500 if age 50 or older by year end). SPU contributes 7% of salary to the 401(a) plan for eligible employees.
• The 15-year rule continues to apply, allowing employees with 15 or more years of service at SPU to make up to $3,000 in voluntary contributions beyond the basic IRS Limit. Prior contributions made under the 15-year rule are taken into account and a calculation must be performed to determine your personal maximum contribution. If your service exceeds 15 years and you want to contribute more than IRS Limit to the 403(b)(7) you will need to contact Transamerica to determine if you are eligible.
• For individuals over age 50, an additional contribution of $7,500 to the 403(b)(7) program is allowed, but only after the annual 15-year rule annual maximum is reached (if any).
• You may take advantage of both the 15-year rule and the over-age-50 rule, if both rules apply, but the 15-year rule will be applied first.

You can change the amount you contribute to your 403(b)(7) account at any time by going online to Transamerica at https://secure2.transamerica.com/login or by calling 1-800-755-5801.

To ensure that any retirement plan contributions are entered timely, Transamerica should be contacted by the first of the month prior to the month in which you would like the contribution change to be effective. This allows the change to be made in the Transamerica system and for their reporting to reach SPU in time for the change to be made prior to the SPU payroll deadline of the tenth of the month prior. For example, if you would like to see a new 403(b) contribution amount as of a August 31 pay date, you would want to request this change with Transamerica before August 1.

Contact the Office of Human Resources at hr@spu.edu with any questions.

Special Note

The above Retirement and Tax Deferred Annuity plan information and details are a summary of these benefits. The actual plan documents take precedent over the information printed here. The University reserves the right to make changes to these benefit plans at any time, at the University's sole discretion. If such changes are made, you will be notified. For more information, please contact the Office of Human Resources at (206) 281-2809.