What is the CTA 403(b) annual contribution limit?

Always remember that 403(b) contribution limits are based on calendar years and not school years.  

For 2023, the contribution limit for someone under the age of 50 is $22,500 from your paycheck to your 403(b).  

This limit will stay in place until the end of 2023. 

We don’t know what the new limit will be for 2024 until later this year.

If you happen to be age 50 or turn age 50 during 2023, you can take advantage of what’s called a catch-up contribution. 

In addition to the limit above, you could contribute another $7,500 this year. In total, someone age 50 or more could contribute a total of $30,000.

2023 Contribution Limits:

Less than 50 years of age              $22,500

50 years of age or older                 $30,000

Finally, if you are a long-time employee of a district (15 years or more), that district may offer a “special” catch-up contribution. 

This is a complicated process and not all districts offer this option. 

Please check with your district and/or its Third-Party Administrator to determine if your district offers this option and if you would be eligible.