The SECURE 2.0 Act of 2022 is a law designed to substantially improve retirement savings options, including 401(k) and 403(b) accounts. This laws builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.
For 2025, there are two major changes which will enhance the access and provide additional savings opportunities for some employees.
1. Higher catch-up contributions for employees age 60 through 63; starting in 2025 the catchup limit for employees age 60 to 63 is $11,250. Note – employees are eligible in the year they turn 60, and become ineligible the year they turn 64 regardless of when the birthdate occurs during that calendar year.
2. Long term part time employees, including temporary staff and adjunct faculty, are now eligible to participate in the Tax-Deferred Annuity (TDA) portion of the University’s TIAA retirement plan. Please note, the TDA is employee funded only, there is not a contribution by the University to this account.
If you are an eligible employee in one of these categories and would like to increase your contribution or begin contributing, please reach out to Jenna Holtzner, Benefits Manager, at holtzner@hartford.edu or Ebner Calo-Valdes, Benefits and Leave Specialist at calovalde@hartford.edu.