The IRS has increased the overall contribution limit for 2023. Maximize your retirement savings and Health Savings Account by changing your contribution amounts.
IRS 2023 Limits
|Employee Benefit Plans||2023||2022|
|403(b) Elective Deferral Dollar Limit||$22,500||$20,500|
|Catch-up Contributions (age 50+ only)||$7,500||$6,500|
|457 Deferral Limit||$22,500||$20,500|
|Highly Compensated Employee||$150,000||$135,000|
|Health Savings Accounts||2023||2022|
|HSA Contribution Limit – Single||$3,850||$3,650|
|HSA Contribution Limit – Family||$7,750||$7,300|
|Catch-up Contribution (age 55+ only)||$1,000||$1,000|
The Vanderbilt University 403(b) Retirement Plan is a long-term investment program for eligible faculty and staff. Vanderbilt matches your mandatory 3 percent contribution once eligibility rules have been met. If you choose to make voluntary contributions, Vanderbilt will match an additional 1 percent to 2 percent, for a combined max of 5 percent.
Now is a good time to review your contribution rate and investment elections and to make adjustments to stay on track to meet your savings goals. New investment elections and beneficiary designations are effective upon making a change. New voluntary contribution percentages will be effective within one to two payroll cycles. Making changes is fast, easy and paperless; sign into your Fidelity account by visiting www.netbenefits.com/vanderbilt.
Health Savings Account
The Health Savings Account allows you to contribute pre-tax dollars to pay for health care expenses, such as deductibles, co-pays and co-insurance. You decide when and how much of your HSA funds to use for your qualified medical expenses now, or save and invest for future needs, including during retirement.
If you elected the CDHP during Open Enrollment, you have access to an HSA through Fidelity. To open your HSA, go to your Fidelity account by visiting www.netbenefits.com/vanderbilt. To make changes to your HSA contribution amount, visit myVU Benefits, select Life Events in the left-hand column, and select the Health Savings Account Change tile. Follow the on-screen prompts.
For questions, contact the Benefits Team at firstname.lastname@example.org.