Employee Contributions

As an employee of the University of Louisville, you are immediately eligible to participate in the Employee Additional portion of the Retirement Plan. In this portion of the plan, you may designate a percentage of your salary to be contributed to your plan through payroll deductions, subject to IRS annual limitations. The University does not offer a match or supplemental contribution for this portion of the plan.

Supplementary Contributions You May be Able to Make to Your Retirement

The total amount that you contribute to the Plan on a pre-tax basis is subject to an IRS limit, but if you are age 50 or above, or have completed 15 or more years of service, you may be eligible to contribute an additional "catch-up" amount.

YearMaximum Amount

Age 50 Catch-Up Contributions

You may be able to make additional annual "Age 50+ Catch-up" contributions beginning in the year you turn age 50 if you're already contributing the maximum to your 403(b) based on plan or IRS limits. The Age 50+ Catch-up contribution limit is $6,000.

Lifetime Catch-up Contributions

This is available to employees who work for the University and have completed 15 or more years of service. This catch-up provision allows participants to contribute up to $3,000 in addition to the regular annual contribution limit. To qualify, you must be an employee who has contributed on average less than $5,000 a year to your 403(b) plan. The maximum lifetime limit for this catch-up provision is $15,000.

Summary of All Contribution Limits for 403(b) Retirement Savings Plans:

YearBasic Salary Deferral Limit403(b) Lifetime Catch-upAge 50+ Catch-upTotal Potential Contributions

Total potential contribution include the basic salary deferral limit, the 403(b) Lifetime Catch-up, and the Age 50+ Catch-up.