Retirement Contribution Limits
Directive Statement
Employees participating in the university’s available retirement plan options are subject to annual contribution limits. These limits must be monitored by UF Human Resources to ensure that excess contributions do not occur.
Reason for Directive
The purpose of this directive is to comply with the Internal Revenue Code regarding contribution limits to the various defined benefit and defined contribution retirement plans available to UF employees.
Who must comply?
All university departments.
Procedures
- Employees may elect to make retirement plan contributions via payroll deduction up to the prescribed annual or fiscal year maximums
- All contributions to a 401(k), 403(b), SIMPLE plans, and SARSEP are aggregated and subject to a calendar year maximum
- A 457(b) plan has a separate limit that includes both employee and employer contributions
- Human Resource Services maintains the retirement deduction setups in myUFL (which automatically suspend the employee deductions when these maximums are reached.). They also monitor compliance with all retirement-related contribution limits
- Additional contribution amounts and catch-up provisions are available for qualifying employees based on age and/or years of UF service. Employees must contact their investment provider company for information regarding these provisions and qualifying criteria
Last Reviewed
Last reviewed on 03/20/2024
Resources
UF HR Benefits – Retirement Limits
IRS Guidance: How Much Salary Can You Defer if You’re Eligible for More than One Retirement Plan?
IRS Retirement Topics – 457(b) Contribution Limits
IRS Retirement Topics – 403(b) Contribution Limits
IRS Publication 571: Tax-Sheltered Annuity Plans (403(b) Plans)
Contacts
Payroll Services: (352) 392-1231
Tax Services: (352) 294-7266
Human Resource Services: (352) 392-2477