The 403(b) and 457(b) are tax deferred retirement plans available to employees of educational institutions and certain non-profit organizations as determined by section 501(c) of the Internal Revenue code. Contributions and investment earnings grow tax deferred until withdrawal, at which time they are taxed as ordinary income.
Contact Ms. Shekethia Williams, Retirement Coordinator at 2-6248 for specific information about the 403(b) and 457(b) program.
Participating Companies
Fidelity
Voya Financial
Teachers Insurance & Annuity (TIAA-CREF)
VALIC
Louisiana Public Employees Deferred Compensation Plan
Annual Elective Deferral Limits
403b Annual Deferral Limits
- $23,000 for 2024
- $22,500 for 2023
- $20,500 for 2022
Catch-up provision for employees who are age 50 or above
- Additional $7,500 for 2024
- Additional $7,500 for 2023
- Additional $6,500 for 2022
457b Annual Deferral Limits
- $23,500 for 2024
- $22,500 for 2023
- $20,500 for 2022
Any participant age 50 or above may contribute up to $30,500 in 2024.
You may be able to contribute up to twice the annual limit for 2024 if you are within three years of normal retirement age. The additional amount you may be able to contribute under the standard catch-up contribution will depend upon the amount that you were able to contribute in previous years but did not.
If you are eligible for both catch-up options, you may not contribute to both in the same year.