IRS 2022 Retirement Contribution Limits

The IRS has announced the contribution limits for retirement plans for 2022. The contribution limits for employee contributions to the Baylor Retirement Plan - 403(b) and the Baylor 457(b) Plan have been increased for the 2022 tax year. Below are the limits for 2022:

Baylor Retirement Plan - 403(b)

$20,500 - Limit for employee contributions to this plan

$6,500 - Catchup Contribution limit for plan participants who are age 50+ anytime during 2022.

Baylor 457(b) Plan

$20,500 – Limit for employee contributions to this plan.

Updating Your Current Election

To revise your employee contribution election to the Baylor Retirement Plan - 403(b), you will need to complete a new Salary Reduction Agreement, which can be found at www.baylor.edu/hr/403b.

To revise your employee contribution election to the Baylor 457(b) Plan, you will need to complete a new Salary Reduction Agreement, which can be found at www.baylor.edu/hr/457b.

In order to ensure any new elections for 2022 are reflected on your first paycheck for 2022, please complete a new Salary Reduction Agreement prior to December 31, 2021.

Please contact Baylor Human Resources at 254.710.2000 or askHR@baylor.edu if you have any questions. To view your retirement account at TIAA, please go to www.tiaa.org/baylor.