IRS Retirement Contribution Limits Increasing for 2023

The IRS has increased limits for employee contributions to the CMU Faculty and Staff Retirement Plan and the CMU 401(k) Plan for 2023:

• The employee contribution limit is increasing from $20,500 to $22,500.
• The age 50 catch-up limit is increasing from $6,500 to $7,500. (This applies to anyone who will be age 50 by December 31, 2023).

The dollar amount and the year-to-date amount for your current contributions are shown on your payslip in Workday. Workday automatically stops your contribution when the IRS limits are reached in a year. Log in to Workday to view and make any changes to the percentage you are contributing to the FSRP or the 401(k) plan; refer to the Retirement Elections System Guide [pdf] for instructions.