If you contribute to a 403(b) plan and would like to make a change to the amount you currently contribute, those changes must be submitted no later than December 5, 2025, for all remaining 2025 paycheck dates. Any changes submitted after December 5, 2025 will take effect in your January 2, 2026 paycheck.
Instructions on changing your 403(b) deduction can be found here: Workday Instructions for 403(b) Plans
Beginning 1/1/2026 under Secure Act 2.0, new IRS rules will impact all HCPSS 403(b) plans. All 403(b) plans will be required to offer a post-tax Roth account. Additionally, there are changes to the catch-up provision for employees ages 50 and older. The new catch-up provision will be as follows:
- Individuals ages 50-59 can contribute an additional $8,000 annually in catch-up
- Individuals ages 60-63 can contribute an additional $11,250 annually in catch-up
- Individuals ages 64+ can contribute an additional $8,000 annually in catch-up
Individuals earning $145,000 or more must make any elected catch-up contributions to their Roth (post-tax) account. Workday will be configured to ensure that employees do not exceed their maximum allowable contributions, and follow IRS rules for catch-up contributions.
Email Benefits@hcpss.org with any questions.