Tax-Deferred Savings Plan Enrollment Information
Western Michigan University offers employees 403(b) and 457(b) tax-deferred savings plans to save for retirement.
The Plans Work Like This
- You elect how much money you want to contribute to each plan by pre-tax and/or post-tax (Roth) payroll deduction up to the maximum allowable by law by completing and submitting a salary reduction agreement.
- Your contributions are invested in a savings plan account according to your elections. For investment options, visit the website of TIAA.
- You do not pay any income taxes on your pre-tax contributions or their earnings until you take a distribution of funds from the plan. You pay income tax on post-tax (Roth) contributions at the time they are deducted from your paycheck. For additional information on post-tax (Roth) contributions and treatment of investment earnings, visit the website of TIAA.
- Your current election will continue until you submit a new completed salary reduction agreement or you reach the annual contribution limit (see below).
- If your plan contributions stop because you reached the maximum limit, you must complete a new salary reduction agreement if you wish to participate in the plan in the following calendar year.
- Check the Retirement calculator and financial tools by logging into TIAA.
To Enroll or Change Your Contribution Amount
- Determine the amount you wish to contribute in a calendar year, not to exceed the applicable maximum. Please see the "Contribution Limits" section below for more information.
- If you are enrolling for the first time, you must also enroll online with TIAA to elect how your funds are invested and to designate beneficiaries. For enrollment instructions and additional information, see the How to Enroll link at Forms: Retirement.
- Download and complete the Salary Reduction Agreement.
Contribution Limits
Your contribution limit for each plan is based on your age. The regular IRS limit for 2026 is $24,500. If you will be age 50 and above in 2026, you can contribute an additional $8,000; or, if you are age 60, 61, 62, or 63 in 2026 you can contribute an additional $11,250 above the regular limit.
New in 2026: If your 2025 wages* were more than $150,000 from your current employer, the IRS requires catch-up contributions to be made on a Roth after-tax basis.
*Wages are defined as W2-Box 3, Social Security wages.
View more information on the 2026 Contribution Limits.
| Year | Age | Annual 403(b) and 457(b) Contribution Limits | Additional Catch-up Limit | Total 403(b) and 457(b) Contribution Limits | Notes |
| 2026 | 50 and under | $24,500 | |||
| 2026 | 50 and over, or will turn 50 in 2026 | $24,500 | $8,000 | $32,500 | |
| 2026 | 60, 61, 62, or 63 during calendar year 2026 | $24,500 | $11,250 | $35,750 | If you turn 64 in 2026, you are not eligible for this additional catch-up contribution |
| 2026 | 64 and over during calendar year 2026 | $24,500 | $8,000 | $32,500 |
Special Catch-up Contributions for 457(b) Plan
If you are within three years of attaining the normal retirement age of 65, another catch-up limit allows you to contribute up to twice the “annual contribution limit.” The maximum amount allowed is the lesser of:
- twice the annual limit, or
- the annual limit, plus the total amount underutilized contributions from prior years
Participants who use this catch-up limit cannot also use the “age 50” catch-up limit in the same year.
Employees who are interested in exploring this provision may reach out to TIAA at (800) 842-2252 to speak with a representative who will assist with the required eligibility calculation.
To Meet with an Investment Advisor
Representatives of TIAA are available to meet with you on campus to discuss your retirement savings and investment options.
If you are unable to register online, call the scheduling group at (800) 732-8353.