2024 Limits for 403(b) and 457 Plans
Per the IRS, the maximum annual contribution limit for the 403(b) Plan and the 457 Plan has increased to $23,000 for 2024. Employees who are age 50 or older by December 31, 2024, 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 2024, employees can download the form (see below) and return it to Empower at the address or fax number on the form by 12/20/2023:
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 within UConn, please e-mail hr@uconn.edu to determine the correct employee record number.
To contribute as close as possible to the maximum of $23,000, spread evenly across 26 pay periods, the per pay period contribution would be $884.00.
To take advantage of the $7,500 Age 50+ Catch-Up Option, in addition to contributing the $23,000 maximum, for a combined total contribution of $30,500 spread evenly across 26 pay periods, the per pay period contribution would be $1,173.00.
The 2024 plan year will have 26 pay periods, and the first paycheck will be dated Jan. 12, 2024. Any forms with changes effective for the first 2024 paycheck must be received by Empower no later than by Dec. 20, 2023.
Alternately, instead of completing the Contribution Rate Change Form, employees already enrolled in the 457 and 403(b) plans can restart their contributions online by following these instructions between 12/1/2023 – 12/22/2023:
- 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 Dec. 1 and Dec. 22, 2023, 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: Empowe at 844-505-7283