In the critical years before retirement, you may be able to take advantage of increasing how much you’re saving over and above the additional amounts you already contribute.
The IRS announced retirement plan contribution limits are increasing for all participants. Additionally, Marquette’s retirement plan with TIAA already allows active employees who are age 50 or older to increase their annual employee plan contributions beyond standard IRS annual limits (known as “age-based catch-up contributions”). A new rule will enable active employees who attain the age of 60-63 (and not attain the age of 64 or higher during the tax year) to increase those contributions even more beginning Jan. 1, 2025.
What does this mean for you?
If you are already enrolled and contributing “max,” your contribution will automatically be adjusted to the total maximum contribution limits listed below. If you are currently contributing a percentage of your salary, you can increase that contribution percentage up to the below limits. If you would like to make a change your contribution, you must make that change in the TIAA portal.
| Active employee in the plan, age attained during tax year | 2025 contribution limit |
|---|---|
| Age 21-49 | $23,500 |
| Age 50-59 | Additional $7,500 (total up to $31,000) |
| Age 60-63 | Additional $11,250 (total up to $34,750) |
| Age 64 or older | Additional $7,500 (total up to $31,000) |
Information about our retirement plan with TIAA can be found here: Retirement Plan. Updates to contribution amounts can be made at any time here: TIAA Portal, to be effective with the next available payroll cycle. For additional assistance, call TIAA at 800-842-2776.
