Human Resources announces IRS retirement contribution limits for 2022

Retirement plan contribution limits are set annually by the IRS and communicated each fall for the upcoming calendar year. The recently released 2022 limits will offer employees the opportunity to contribute more toward their retirement savings.

For 2022, the 403(b) and 457(b) voluntary plan limits increase to $20,500 per plan, up from $19,500 in 2021.

Employees who are turning at least 50 years old during the 2022 calendar year may make additional catch-up contributions. The maximum catch-up contribution remains at $6,500 per voluntary plan for 2022.

To access account information and make changes, including updates to voluntary contributions, log in to Fidelity NetBenefits. Fidelity retirement planners are available to assist with helping faculty and staff understand their retirement programs and options. To make an appointment, schedule online or call 800-642-7131.

Fidelity – Purdue’s official retirement partner

Fidelity became Purdue’s main retirement plan recordkeeper, official provider of education, guidance and assistance related to retirement plan investments and decisions in 2011. Although other organizations may advertise retirement services and call or email Purdue employees, the University does not have business relationships with, nor does it endorse, other financial advisors.

Employees who receive unsolicited communications from other organizations are advised to clearly inform the callers that they wish to be removed from the call and/or email lists.

For employees with retirement accounts established before 2011, resources continue to be available from the account vendor. It is important to note separate recordkeeping and investment fees apply to funds held on recordkeeping platforms outside of Fidelity.

Assistance remains available through Fidelity to all individuals considering consolidating accounts.