What's New

The IRS has raised contribution limits for 2023

Contributing to the Sate of Connecticut Defined Contribution Plans is a great way to save for a healthier financial future. The IRS imposes a limit on how much you can contribute each year, and for 2023, those in an eligible Plan may contribute the following amounts:

  • For participants under age 50, Maximum Contribution: $22,500*
  • For participants age 50 or older by 12/31/2023, Maximum Contribution: $30,000* ($22,500 + $7,500 Age 50+ Catch-up Contribution**)
  • For those participants participating in the 457 Plan, the Special Catch-up Contribution** may be available: The lesser of twice the annual limit ($45,000 in 2023) or the annual limit ($22,500 in 2023) plus your unused annual contribution amounts from prior years

* If you are making both pre-tax and after-tax (Roth) contributions, your total contributions to the 403(b) plan cannot exceed $22,500 in 2023—or $30,000 if you have elected the Age 50+ Catch-up option.

** Only one catch-up provision can be used in the same calendar year. Special Catch-up is not available to those eligible to participate in the State of Connecticut 403(b) Plan. Contact your Empower retirement counselor for more information.

For those looking for additional assistance, the website allows you to schedule a one-on-one meeting with a State of Connecticut Dedicated Retirement Counselor. Simply navigate to the Meet your Counselor tab and select Schedule a Phone Consultation with a Retirement Counselor External Site. Opens in a new window..

Questions? Call Empower: 844-505-SAVE (844-505-7283)*

*Hearing Impaired: Call (TDD) 877-760-5166

To view your account history prior to July 1, 2015, click here External Site. Opens in a new window.. (Please have your previous login credentials ready.)