Because Drake has a mandatory retirement plan, employees who choose to contribute to the voluntary/supplemental retirement plan, may contribute up to the Internal Revenue Service (IRS) contribution limits. In 2022, the contribution limit is $20,500.

On Oct. 20, 2022, the IRS announced the contribution limit for 2023 will be increased to $22,500. This limit applies to employees who participate in Drake’s voluntary/supplemental plan offered by Drake through TIAA.

Additionally, the IRS increased the “catch-up contribution limit” for employees age 50 and over to an additional $7,500 in 2023, up from $6,500 in 2022. Thus, employees who are age 50 and older may contribute up to $30,000 ($22,500 plus $7,500) pre-tax dollars to Drake’s voluntary/supplemental retirement account, starting Jan. 1, 2023.

Questions about your Drake retirement plan?

Our TIAA vendor will attend Drake’s Benefits & Wellness Fair on Nov. 4 (9–11:30 a.m.) in Levitt Hall. If you have questions related to your Mandatory or Voluntary retirement plan, please stop by the Fair and speak directly with a TIAA Field Consultant. If you are unable to attend the fair, please reach out to drakehr@drake.edu with any benefits questions.

— Marlene Heuertz and Maureen De Armond, Human Resources