The Internal Revenue Service has announced 2023 contribution limits for retirement plans such as TRS' TDA Program. The general contribution limit will increase from $20,500 in 2022 to $22,500 in 2023. The limit on "catch-up" contributions for members age 50 and older will also increase, from $6,500 in 2022 to $7,500 in 2023.
Certain members with at least 15 years of City employment may be eligible to make additional contributions up to $3,000. This limit is unchanged.
Based on these rules, each year TRS determines the maximum allowable TDA contribution for each member. We also calculate the contribution rate (percentage of pay) that would result in the maximum contribution. That rate is known as the "Full-Year, Full-Contribution Rate."
If you are in active service or on leave, your "Full-Year, Full-Contribution Rate" for 2023 will be shown on your next Quarterly Account Statement, for the 3rd quarter of 2022. Those statements will be posted by mid-November in the secure section of our website, and TRS will announce online and by email when the statements are available to view.