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Are contribution limits maintained by Oracle for US 403b plans?
Summary:
Contribution limits for 403b need to be updated from 22,500 to 23,000, and for catchup from 30,000 to 30,500.
Content (please ensure you mask any confidential information):
Per IRS, contribution limits for 403b plans have increased for 2024.
Are these limits maintained by Oracle?
If so, when will they be updated? We are current on updates, and we have a user who is trying to update their contribution from 30000 to 30500 and is not able to - they are seeing a message saying the limit is 30000.
If not, how can we update them in Payroll and Benefits?
Version (include the version you are using, if applicable):
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