Per the IRS, the maximum annual contribution limit for the 403(b) Plan and the 457 Plan has increased to $22,500 for 2023. Employees who are age 50 or older by December 31, 2023 are able to contribute an additional $7,500 into each plan. In order to change a bi-weekly deduction amount, or restart a deduction for the first paycheck in 2023, employees can download the form (see below) and return it to Empower at the address or fax number on the form by 12/14/2022:
403(b) Contribution Rate Change Form
457 Contribution Rate Change Form
The following information may assist with completing the form:
The Employee Record Number is generally 000 for employees who have had only one active assignment within the State of CT; for individuals employed by multiple agencies or those who have had more than one assignment at UConn, please e-mail HR@uconn.edu to determine the correct employee record number.
To contribute as close as possible to the maximum of $22,500, spread evenly across 26 pay periods, the per pay period contribution would be $865.00.
To take advantage of the $7,500 Age 50+ Catch-Up Option, in addition to contributing the $22,500 maximum, for a combined total contribution of $30,000 spread evenly across 26 pay periods, the per pay period contribution would be $1,153.00.
The 2023 plan year will have 26 pay periods, and the first paycheck will be dated 1/13/2023. Any forms with changes effective for the first 2023 paycheck must be received by Empower no later than by 12/14/2022.
Alternately, instead of completing the Contribution Rate Change Form, employees already enrolled in the 457 and 403(b) plans can change or restart their contributions online by following these instructions between 12/1/2022 – 12/16/2022:
- Log onto www.ctdcp.com
- Click on ‘access account’
- Enter your user id and password
- Under the ‘go to’ box select Contribution Rate
- Next to your contribution amount, select ‘change’
- Enter your contribution amount
- Click on “OK”
- Review your new contribution amount
- Select ‘apply changes’
- You’ll receive your confirmation page with a tracking number
Empower can also accept contribution changes and restarts for the 457 and 403(b) plans by telephone between 12/1/2022 – 12/16/2022, and can be reached at 844-505-SAVE (7283).
Employees interested in learning more about the 403(b) or 457 plan can access additional information at www.ctdcp.com, or can contact the following Empower representatives:
Thomas Grubbs – 860-256-5775 Thomas.Grubbs@Empower.com
Thomas Shepherd – 860-331-3248 Thomas.Shepherd@Empower.com
For more information, contact: Empower at 844-505-7283