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New IRS limits announced for tax year 2022

Tax year 2022 is just around the corner, and with it comes new IRS limits:
 
> 403b (TSA) annual contribution maximum if under 50: $20,500

  • Catchup for over 50: $6,500
  • Combined limit (ORP and TSA): $61,000

> 457 (Texa$aver) annual contribution maximum if under 50: $20,500

  • Catchup for over 50: $6,500
  • Salary limits (no further contributions once salary cap is met for the year):
    • TRS: $290,000
    • ORP: $305,000

Not participating in a Voluntary Retirement Saving Plan? Get informed on all options by visiting our web page. Contact your Benefits Advisor if you need help getting started or have any questions. It’s easy to participate and starting to save now can have a big impact on your future.