Are there “catch up” provisions in the 403(b) and 457(b) plans?

There is a "catch up" provision for the 403(b) plan. Employees who will be age 50 or older in 2024 may contribute up to an additional $7,500 for a total of
$30,500 in calendar year 2023. Contact your 403(b) provider for additional details.

For 457(b) plans, the “Age 50 Catch-up” provision allows employees age 50 or older to contribute up to an additional $7,500, for a total of $30,500 in calendar year 2024.

A Special 457 Catch-up Provision allows eligible employees for 3 years prior to the normal retirement age to remit additional catch-up contributions. Please contact Nationwide for additional information regarding this option.