Contribution Limits

The federal government sets annual limits on the amount you can save for retirement (Rollovers from previous year’s contributions do not count towards this year’s annual limits). Use our calculator to estimate the maximum amount you may be eligible to save in 2023. Once you determine that amount, consider saving more in the Fund’s 403(b) Smart Account.

2023 Federal Contribution Limits
Total Contributions to both the YMCA Retirement Fund 401(a) plan and the 403(b) plan Lesser of 100% of compensation* or $66,000 ($73,500 if eligible for Age 50+ Catch-Up)
2023 Tax Deferred Contribution Limits
Tax Deferred Contributions Maximum (individual limit from all salary reduction retirement plans) $22,500
15+ Years of Service Catch-Up** (increases tax-deferred contribution maximum)  $3,000
Age 50+ Catch Up (increases both total and tax-deferred contribution maximum) $7,500

* The IRS Code limits includable compensation to $330,000.
**The 15+ Years of Service Catch-Up amount can be as much as $3,000 but is limited based on past contributions.

The Fund’s 403(b) Smart Account

Contributions to a 403(b) Smart Account are “pre-tax” and reduce the current year’s taxable income. The total individual elective deferrals (pre-tax and Roth) under the following salary reduction plans are subject to the federal contribution limits: 401(k) plans, 403(b) plans, Simplified Employee Pension (SEP) plans, and SIMPLE plans with salary reduction features. If an employee participates in plans of multiple employers, their total tax-deferred contributions from all such plans may not exceed the federal limit.

15+ Years of service catch-up

The 15+ Years of Service Catch-Up allows long-term participants to increase their savings to “make up” for those career periods when they did not maximize their tax-deferred contributions. To be eligible, they must have worked for a Y for at least 15 years and their previous tax-deferred contributions could not have exceeded an average of $5,000 per year of service. They may not use more than $15,000 of catch-up contributions over their lifetime, limited to $3,000 in any one year. Please call our Customer Service Department for details.

Age 50+ Catch-up 

Participants who are age 50 or older (or will turn age 50 during the calendar year) are allowed to increase their annual tax-deferred contributions by $7,500. By taking advantage of the Age 50+ Catch-Up, the total contribution limit also increases by $7,500. If eligible, amounts are attributed to the 15+ Years of Service Catch-Up first (to the extent it is available) and then to the Age 50+ Catch-Up. For example, if an employee is age 50 or over and also eligible for the entire $3,000 for the 15+ Years of Service Catch-Up, they can save $33,000 tax deferred in 2023 ($22,500 from the basic limit plus $3,000 of 15+ Years of Service Catch-Up plus $7,500 for Age 50+ Catch-Up). Restrictions may apply. Please call our Customer Service Department for details.