403(b) Elective Maximum Deferral Amounts

The IRS indicates that the 403(b) elective maximum deferrals for 2023 and are as follows:

• Elective deferral—$22,500
• Age 50+ Catch up—$7,500 (beyond basic limit of elective deferrals)
• 15 Service Years Catch up—Please contact TIAA for calculation

These maximum deferral amounts are over and above the mandatory 5% employee contribution required (for certain employees) and Bennington College’s employer contribution. For a complete list of the limits for 2023 visit irs.gov. 

Bennington College encourages all employees to consider saving for retirement. To learn more or to receive a Maximum Salary Reduction Calculation, please call TIAA at 800-842-2252 or visit tiaa.org. If you would like to make changes to your supplemental contribution, please fill out the Salary Reduction Agreement and return to benefits@bennington.edu or Human Resources.