The IRS recently announced an increase in the 2023 retirement plan contribution limits. The limits apply to the UW 403(b) Supplemental Retirement Program (SRP) and the Wisconsin Deferred Compensation (WDC) 457 Program.
In 2023, employees may contribute a basic maximum of $22,500 to the UW 403(b) SRP (an increase from $20,500 in 2022). Employees age fifty and over can contribute an additional $7,500 (an increase from $6,500 in 2022) for a total of $30,000. These same limits apply to WDC and you may contribute the full amount to both the UW 403(b) SRP and WDC.
If you have 15 years or more of service with the UW System and have contributed less than an average of $5,000 per year over your UW System employment, you may have an additional “catch-up” opportunity with the UW 403(b) SRP.
Both pre-tax and Roth (after-tax) contributions count towards the annual limits. Note: Individual Retirement Accounts (IRAs) are a type of retirement account separate from the UW 403(b) SRP and WDC Program and have separate limits.
Change Elections and Enrolling in the UW 403(b) SRP
To increase (or decrease) your UW 403(b) SRP deduction:
- Login to the MyUW portal
- Launch the Benefits Information tile
- On the bottom of the screen, click on “Update 403(b) Deductions” and follow the additional instructions to make your change(s)
To enroll for the first time:
- Use the EZ Enrollment Form
- Or complete a Salary Reduction Agreement eForm and set your account up online (or paper application) with the recordkeeper(s) of your choice
For questions on the UW 403(b) SRP, review the SRP web page.
Change Elections and Enrolling in the WDC (457) Program
To change your WDC contribution log into your account using the WDC website or call Empower, the third-party WDC plan administrator, at (877) 457-9327. The WDC website also has information about enrolling in the program. WDC changes must be made with Empower.
If you have questions after reviewing the available information, contact Human Resources at email@example.com.
Source: UW System Human Resources