The IRS announced that the maximum contribution limits for 403(b) plans will increase in 2022 from $19,500 to $20,500. The catch-up contribution maximum will remain at $6,500. Employees who are age 50 or over at the end of the 2022 calendar year can also make catch up contributions of $6,500 in 2022.

• Age 49 or younger on Dec. 31, 2022 – maximum contribution is $20,500 
• Age 50 and over on or by Dec. 31, 2022 – maximum contribution is  $20,500 + $6,500 = $27,000

Anyone who would like to increase their contributions to hit the IRS maximum should complete a new Retirement Accounts Deduction form. Blank PDF versions of the form can be found on the LLCC Employee Portal > Finance Department > Payroll > Retirement Accounts Deduction Accounts.

E-mail all completed forms to victoria.bradley@llcc.edu or hand deliver to the finance department. Forms must be received by Jan. 3, 2022, to be effective on the Jan. 15 payroll.