For 2024, the maximum contribution for a 403(b) plan is $23,000 for an employee under age 50. For those aged 50 or over, there is a maximum catch-up contribution of $7,500.
The IRS also says:
If permitted by the 403(b) plan, an employee who has at least 15 years of service with the same eligible 403(b) employer - a public school system, hospital, home health service agency, health and welfare service agency, church, or convention or association of churches (or associated organization), has a 403(b) elective deferral limit that is increased by the lesser of:
- $3,000,
- $15,000, reduced by the amount of additional elective deferrals made in prior years because of this rule, or
- $5,000 times the number of the employee’s years of service for the organization, minus the total elective deferrals made for earlier years.
Please read this IRS document for more information.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
