Great news! The annual limit for employee contributions to 403(b) and 457 plans will increase for 2023.
The limit for employees under age 50 will increase to $22,500. If you are over age 50, you are eligible to do a "catch-up" contribution in the amount of $7,500 making your maximum contribution $30,000 for the year.
403(b) Plan
To change your current 403(b) pre-tax contributions please log into your 403(b)-annuity account at www.netbenefits.com/odu.
In order for changes to be effective on your January 13, 2023 paycheck, you must complete your changes between December 16, 2022 and December 29, 2022.
457 Plan
To increase your 457 contributions for the first payday in 2023 (January 13, 2023), please login to your 457 account or contact VRS Defined Contribution Plans at 1-877-327-5261 by Thursday, December 29, 2022.
Questions?
Questions can be directed to the Benefits Team at benefits@odu.edu