Special Notice Regarding Your 403(b) Retirement Plan Contributions
Participation in another employer's plan(s) could affect the contribution limitations that must be satisfied. It is your responsibility to ensure that the contribution limitations are not exceeded when combined with certain other employer's retirement programs.
Elective Deferrals
In general, all elective/voluntary retirement program contributions that you elect to make are limited to $23,000* for calendar year 2024. These contributions include your elected contributions to the Kansas Board of Regents Voluntary Plan, plus any contributions to another employer's 401(k) plan, salary reduction simplified employee pension plan or other retirement plan. These contributions do not include contributions to the Kansas Board of Regents Mandatory Plan or the Kansas Public Employees Retirement System (KPERS).
If you are also participating in the KPERS 457 Deferred Compensation Plan, your pre-tax deferred compensation contributions are limited to $23,000* for calendar year 2024 under Internal Revenue Code Section 457.
Employer Contributions
The other contribution limitation that may be affected by another employer's plan(s) is the limit on "annual additions" to the plan(s) referred to as the Internal Revenue Code Section 415 limits. In general, the amount of contributions to your 403(b) retirement plan is compared to your compensation for the year. For this purpose, compensation and retirement plan contributions from employment outside the University may have to be aggregated.
If you feel that the above limitations may apply to you, you should consult with your tax advisor. Violation of the above limitations may result in current taxable income to you and possibly taxation of your entire 403(b) Retirement Plan account.
If you have any questions regarding the Kansas Board of Regents 403(b) Retirement plan, please contact (785) 532-6277 or benefits@ksu.edu.
*These amounts may differ depending on eligibility for applicable catch-up provisions and total salary earned within the calendar year.
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