Contributing to the IRS Maximum 403(b) Limit
It’s not too late to maximize your retirement savings for 2023. Join the “Maximizer Club” and plan for a more secure financial future.
As a participant in the Voluntary Contribution Retirement Plan (VCRP), you can contribute up to the dollar limit set by the IRS. For 2023, this contribution maximum is $22,500 for individuals under the age of 50 and $30,000 for those aged 50 and over. This maximum contribution limit encompasses both your VCRP contributions and your 3% Defined Contribution Retirement Plan (DCRP) employee contributions.
To contribute the maximum allowed by the IRS for 2023, we invite you to follow these steps:
- Log into the Georgetown Management System (GMS).
- Navigate to Benefits > Change Retirement Savings > Edit.
- Adjust your VCRP contribution amount to $999.
- Select the “Maximize VCRP” option.
- Review your selections, then Save and Submit. Your request will be sent to us for approval.
By following these steps, you will be set to contribute maximum amount allowable by the end of the 2023 calendar year. Please be aware, this may involve allocating your entire paycheck to reach the contribution maximum.
Additionally, by becoming a member of the “Maximizer Club,” your contributions will automatically adjust every January. This allows you to consistently contribute the IRS maximum each year. You retain the flexibility to change your contribution amounts at any time.
If you prefer to begin contributing the maximum in 2024, you can still follow the same steps outlined above but select a start date of January 2, 2024.