IRS contribution limits
Arizona State Retirement System
The IRS limits the amount of annual compensation subject to Arizona State Retirement System contributions. When the limit is reached, contributions must stop for the remainder of the fiscal year.
ASRS contribution limit charts hired before Jul. 1, 1996 | hired on or after Jul. 1, 1996.
Optional Retirement Plan
Two IRS limits apply to the Optional Retirement Plan:
- 415 limit: Total employee and employer contributions may not exceed the annual limit.
- Compensation limit: Contributions must stop when earnings reach the annual limit.
Effective Jan. 1, 2016, both limits are tracked by the calendar year, Jan. 1 to Dec. 31. The lower of the two limits will apply. When the limit is reached, contributions must stop for the remainder of the calendar year.
ORP contribution limit charts hired before July 1, 1996 | hired on or after July 1, 1996.
Voluntary 403(b) and 457(b) deferred compensation
These limitations are cumulative across all of your 401(k) and 403(b) plans. If you work for multiple employers, it is your responsibility to ensure that your voluntary 403(b) plan contributions do not exceed the IRS annual contribution limits. You may also contribute the maximum to the 457(b) deferred compensation plan. The same rules for the 403(b) plan also apply to the 457(b) plan.
If you are age 50 or older, you are automatically eligible to make catch-up contributions of an additional $7,500 in 2023 to both your 403(b) and 457(b) plan for a total of $30,000 each.
|Basic contribution of annual limits||Automatic catch-up contribution annual limits for participants age 50 and older|
|2018||$18,500||$6,000 | total basic and catch-up $24,500|
|2019||$19,000||$6,000 | total basic and catch-up $25,000|
|2020||$19,500||$6,500 | total basic and catch-up $26,000|
|2021||$19,500||$6,500 | total basic and catch-up $26,000|
|2022||$20,500||$6,500 | total basic and catch-up $27,000|
|2023||$22,500||$7,500 | total basic and catch-up $30,000|