Whether your retirement is on the horizon or a faraway goal, it’s important that you continue to monitor and adjust how much you’re saving if you want to have a comfortable retirement. The IRS places limits on how much employees can contribute to a retirement plan each year and recently announced the retirement plan limits for 2024:
- The annual employee contribution amount increased from $22,500 to $23,000 for 403(b) and 457(b) plans.
- The age 50 catch-up contribution amount remains the same at $7,500 for 403(b) and 457(b) plans.
If you want to save as much as you can for your retirement, there is a tool in the EBS Portal called the Max Savings Contributions Calculator available to assist you. This tool automatically displays the remaining amount of retirement contributions you have available before reaching one of the limits, and the equivalent percentage of your pay to help you spread that out for the year.
To access this tool:
- Login to the EBS Portal with your MSU NetID and password.
- Click the My Benefits tab at the top.
- Click the Benefit/Retirement tile.
- Select Enroll/Change my Retirement/Health Savings Account Options in the drop-down menu and then click Next in the bottom right.
- Navigate in the bar graph to the Savings Plans screen by clicking Next in the bottom right.
- The Max Savings Contributions Calculator screen will display. This display will automatically show the remaining amount of retirement contributions you have available (if any) before reaching the IRS limit.
- You can adjust the percentage of your contributions to any retirement plans you participate in by clicking on the pencil icon, and then choose Select to make the change.
- If you want to enroll in a new plan, begin by clicking on the paper icon next to the plan and vendor of your choosing, and then enter the percentage of your new contribution and choose Select to enroll.
- Make sure to click on Save in the bottom right to complete and save any changes/enrollments.
If you are an academic year faculty or academic staff employee, or a Voluntary 403(b) Base participant aged 50 and over, contact the HR Solutions Center at 517-353-4434 or SolutionsCenter@hr.msu.edu for further assistance in calculating your maximum contribution percentage.
Learn More About MSU’s Retirement Plans
The following articles contain more detailed information about MSU’s retirement plan options and preparing for retirement:
- Your Top Questions About MSU’s Optional Retirement Plans
- Your Top Questions on Preparing for Retirement
The HR website also contains a wealth of information about the different types of retirement plans offered, retirement investment vendors, and planning tools available.
I wonder if MSU HR would ever consider Roth 403b or 457b for its employees?
Many would like the ability to invest in a Roth 403B versus a tax deferred account like we have now.
Thank you, Lee Duynslager
Hi Lee! Thanks for your feedback regarding Roth contributions. I shared your suggestion with our leadership and they wanted me to share the following:
“We are always reviewing and considering ways we can improve the retirement plans for MSU employees, and Roth after-tax contributions are something we have considered in the past. If a decision is made to allow MSU employees to contribute via Roth, we will certainly communicate that change to the MSU community. Thank you!”