Universities of Wisconsin employees will be able to contribute more to their retirement plans in 2024. The IRS recently announced an increase in the 2024 retirement plan contribution limits. The limits apply to the UW 403(b) Supplemental Retirement Program (SRP) and the Wisconsin Deferred Compensation (WDC) 457 Program.
Contribution Limit Increase
In 2024, employees may contribute a basic maximum of $23,000 to the UW 403(b) SRP (an increase from $22,500 in 2023). Employees age fifty and over can contribute an additional $7,500 (same limit as 2023) for a total of $30,500. 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 Universities of Wisconsin and have contributed less than an average of $5,000 per year over your Universities of Wisconsin 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.
Making Changes and Enrolling in the UW 403(b) SRP
To change (increase or decrease) your UW 403(b) SRP deduction:
- Login to the My UW 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.
Making Changes 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.
Reminder Supplemental Retirement Payroll Schedule Change
Effective January 2024 the payroll schedule for the UW 403(b) Supplemental Retirement Program (SRP) and Wisconsin Deferred Compensation (WDC) 457 Program is changing.
Currently, contributions to the UW 403(b) SRP and the WDC 457 Program are processed on every paycheck (typically 26 paychecks a calendar year). Starting in 2024, UW 403(b) SRP and the WDC contributions will be processed on the first two paychecks of each month (24 paychecks during the calendar year).
This change is being made to align the UW 403(b) and WDC contribution deduction schedule with other benefit plan deductions.
Additional information along with action that may be required was emailed to employees enrolled in these plans.
Questions
If you have questions after reviewing the available information, please email Universities of Wisconsin Benefits at serviceoperations@support.wisconsin.edu.
Source: Universities of Wisconsin Office of Human Resources