December 13, 2022
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.