2022 Annual Limits
The IRS annual limit on elective salary deferrals for the 403(b) plan and the 457(b) plan retirement plans is $20,500 in 2022 ($19,500 in 2020 and 2021) for those under the age of 50. Employees who are age 50 or over at the end of the calendar year can also make catch-up contributions of $6,500 in 2022, in 2020 and 2021 ($6,000 in 2015 - 2019) beyond the basic limit on elective deferrals.
In order to participate in the 457(b) plan, a faculty or staff member must be on target to max out their 403(b) plan for the year.