TO: All Eligible Regular-Status Employees that wish to elect/maintain the Maximum Allowable Contribution in the Calendar Year
On November 1, 2023, the Internal Revenue Service (IRS) announced cost-of-living adjustments increasing the maximum dollar contribution for pension plans and other retirement-related plans for 2024. Effective January 1, 2024, the maximum employee contribution limits will increase as follows: (see Table below):
Supplemental Retirement Annuity (SRA) Maximums– Effective January 1, 2024
| 2023 Maximum | New 2024 Maximum | |
| Employee contributions (pre-tax) | $22,500 | $ 23,000 ($958.34 per pay period) |
| Additional “catch-up” contribution for individuals 50 years or older by December 31, 2024 | $7,500 (Max TOTAL contribution $30,000) | $7,500 for TOTAL contribution of $30,500 ($1,270.84 per pay period) |
If you wish to adjust your maximum contribution from the first pay period of the tax year 2024, please complete the Agreement for Salary Reduction Form (Form B-6) and submit via Employee Self-Service eUpload link no later than December 22, 2023.
The RCUH does NOT automatically adjust your SRA contributions so if you have previously elected the maximum allowable contributions, you must submit a new form.
To help our employees calculate their maximum contribution levels (per pay period) we are excited to introduce our SRA Maximum Allowable Contribution Calculator. This tool may be used at any point in the year and adjusts the contribution amount based on how many pay periods left in the tax year.
If you have any questions, please contact RCUH Human Resource Employee Benefits section at:
Email: [email protected]
Phone: (808) 956-2326 or (808) 956-6979
Relevant Links: