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403b ROTH Option and Limit Increase

November 30, 2022
Submitted By: Jenna Holtzner

HRD is excited to announce that in conjunction with the 403b Investment Committee, beginning Jan. 1, 2023, the University of Hartford will be offering a ROTH option as part of our 403b retirement plan.

A ROTH is a post-tax contribution option that allows for tax-free withdrawals at retirement. The university match will remain on the pre-tax defined contribution plan.

For more information on the ROTH option, please see the attached flyer and join us at one of our two virtual town halls with TIAA. Town hall meetings will be held Tuesday, Dec. 6, at 1:30 p.m., and Tuesday, Jan. 17, at 10 a.m.

 

To attend the meeting on Dec. 6, click here

To attend the meeting on Jan. 17, click here.

 

Additionally, the 403b maximum set forth by the IRS is increasing for 2023. The maximum will increase from $20,500 to $22,500 and the catch-up will increase from $6,500 to $7,500 for those 50 and older. Please note these maximums are inclusive of both pre and post-tax contributions made via your employer program.

If you would like to enroll in the ROTH or make a change to your contributions at any time, please complete the Salary Reduction Agreement found on PeopleAdmin. The ROTH will be available on the form beginning Jan. 1, 2023.