2024 IRS Tax-Sheltered Annuity elective deferral limit changes

Category:

Save now, plan for the future

The Internal Revenue Service (IRS) 2024 limits for employee 403(b)/Tax-Sheltered Annuity (TSA) deferrals have increased to $23,000, up from $22,500. The catch-up contribution limit for employees aged 50 and above remains at $7,500, the same as 2023. This means employees age 50+ can contribute $30,500 for the 2024 tax year. Employees participating in the Adventist HealthCare Retirement Plan (AHRP) 457(b) plan can contribute an additional $23,000.

Employees are encouraged to take advantage of the retirement plans offered. Employee contributions can increase financial security for the future while receiving a tax break on pre-taxed contributions. AHRP-eligible employees of LLUCH, LLUMC, LLUMC-Murrieta, LLU-Staff, and LLUSS may also receive employer matching on qualified employee contributions.

For more information about the retirement plans offered, please visit the Human Resource Management Benefits One Portal page.

For questions, please contact Human Resource Management at ext. 14001 or humanresources@llu.edu.