This communication was sent via email to all participants on November 16, 2023
Human Resource Services records indicate you are participating in the NIU 403(b) Supplemental Retirement Plan, the State of Illinois 457(b) Deferred Compensation Plan, and/or the State Universities Retirement System (SURS) 457(b) Deferred Compensation Plan.
The Internal Revenue Service (IRS) has recently announced the cost of living adjustments affecting the contribution limits to retirement plans for the 2024 tax year. In calendar year 2024, the annual contribution limit is changing from the current $22,500 to $23,000. If you are age 50 or older you are eligible for the “catch-up” provision which will allow you to defer an additional $7,500 annually, making the annual maximum $30,500 for 403(b) and 457(b) plans.
Based on IRS guidelines, the Human Resource PeopleSoft System will automatically determine if you are age 50 or older and adjust your yearly allowable maximum to $30,500 for 2024. However, it is the employee’s option to utilize the IRS annual maximum and the employee’s responsibility to determine their appropriate semi-monthly contribution. Any change in contribution amounts for 2024 will require completion of the appropriate updates to change your deduction effective January 1, 2024.
To change your semi-monthly 403(b) Supplemental Retirement Plan payroll deduction in time for the beginning of 2024, please complete the NIU Salary Contribution Agreement and email it to the Human Resource Services contacts below by December 8, 2023:
- Employees with last names beginning A – D – Stephanie Kruizenga (skruizenga@niu.edu)
- Employees with last names beginning E- K – Vickie Hueramo (vhueramo@niu.edu)
- Employees with last names beginning L – Z – Laurie Johnson (ljohnson13@niu.edu)
To change your semi-monthly State 457(b) Deferred Compensation Plan payroll deduction in time for the beginning of 2024, please visit the Empower website or call (833) 969-4532 to speak with a Empower representative between December 1, 2023 and December 31, 2023.
To change your semi-monthly SURS 457(b) Deferred Compensation Plan payroll deduction in time for the beginning of 2024, please visit the SURS website between December 1, 2023 and December 31, 2023.
If you have any questions regarding the supplemental retirement plans, please contact the following Human Resource Services contacts:
- NIU 403(b) Supplemental Retirement Plan
- Employees with last names beginning A – D – Stephanie Kruizenga (skruizenga@niu.edu)
- Employees with last names beginning E- K – Vickie Hueramo (vhueramo@niu.edu)
- Employees with last names beginning L – Z – Laurie Johnson (ljohnson13@niu.edu)
- State of Illinois 457(b) Deferred Compensation Plan – Bridgett Davis (bcdavis@niu.edu)
- State Universities Retirement System 457(b) Deferred Compensation Plan – Susan Swegle (sswegle@niu.edu)
