°µÍø½ûÇø

An excellent way to save for retirement and reduce current tax liability is to contribute part of your salary to an employer-sponsored retirement plan. At Dickinson, employees can contribute dollars, before taxes, to plans administered by TIAA and/or Fidelity.

CONTRIBUTION LIMITS FOR 403(b) PLANS - The contribution limit increases from $23,500 to $24,500 for calendar year 2026.

CATCH UP DEFERRALS - Employees age 50 and older can save an additional $8,000 through a catch-up provision, bringing the limit up to $32,500 for calendar year 2026. These additional contributions are available to any eligible employee based solely on age, regardless of past contributions or length of service.

ENHANCED CATCH UP DEFERRALS - Employees ages 60-63 have an enhanced catch-up limit of $11,250, bringing the limit up to $35,750 for calendar year 2026.

NEW Roth requirement -High-earning employees (those with FICA wages over $150,000 at °µÍø½ûÇø in calendar year 2025) will be required to make catch-up contributions to a 403(b) ROTH account, meaning they will no longer receive an upfront tax deduction for those specific contributions.This will occur automatically in Workday once the $24,500 limit is reached in 2026. If FICA wages from °µÍø½ûÇø were $150,000 or less in calendar year 2025, Dickinson is not required to designate those age-based catch-up contributions as Roth.

EMPLOYEES WITH 15 OR MORE YEARS OF SERVICE - If you have more than 15 years of consecutive service at Dickinson, you MAY BE eligible to contribute an additional $3,000. The rule that caps this $3,000 at a lifetime contribution of $15,000 does still apply. If you have used the "15-Year Rule" or you have contributed regularly during your employment, you may not have any of that $3,000 available. Please contact Michelle Spencer in Human Resource Services to learn more about this opportunity.

Employees may also make elections to 403(b) ROTH plans beginning in 2026. The main difference is the tax treatment of contributions: traditional 403(b)s use pre-tax dollars, reducing current taxable income, while Roth 403(b)s use after-tax dollars, meaning employees pay taxes now for tax-free withdrawals in retirement. Both account types share the same contribution limits. 

Many savers also opt to contribute to a Roth after-tax contribution option due to its long-term tax benefits, especially those who expect their tax rates to be higher in retirement. After-tax Roth contributions allow savings to grow-tax free, which can be particularly valuable if you are young or expect to have higher sources of income in retirement. Roth contributions are a hedge against uncertain future tax rates. Unlike pre-tax contributions, Roth after-tax employer plan options don’t require you to take Required Minimum Distributions (RMDs) during your lifetime, giving you more control over when you access your money.

Your total contributions to both traditional and Roth 403(b) accounts cannot exceed the limit for your age group. 

These retirement contribution limits from the federal government are based on the calendar year. Even though the normal flexcomp election cycle at Dickinson occurs on a fiscal year (July - June) basis, you can make a change to your retirement contributions anytime you choose to.

Updates may be made directly by employees via Workday. Please following the below instructions. Questions may be directed to Human Resource Services.

Log into Workday

• Click on your picture in the upper right to View Profile
• Go to Benefits
• Click on the Change Retirement Savings button
• Choose your Benefit Event Date - should be 01/01/2026 or after
• Click Continue
• Click Continue again
• Find the Retirement block titled 403(b) Tax Deferred Annuity
• Click the Manage link directly under that block

To UPDATE an existing contribution:

• Your current contributions will be marked as Select; the ones you are not contributing to will be marked as Waive
• Click the Confirm and Continue button at the bottom
• The top banner in RED will display the election you are curently viewing. Choose either an amount or a percentage and make the change directly in th corresponding box
• Select Save
• If you have multiple contributions with TIAA and/or Fidelity, there might be multiple steps - repeat the previous 3 actions for each one
• Click Review
• Review your new elections and click Submit at the bottom

To END an existing contribution:

• Your current contributions will be marked as Select; the ones you are not contributing to will be marked as Waive
• If you want to stop a contribution(s), choose the Waive button on that line(s)
• Click Confirm and Continue
• If you have multiple contributions with TIAA and/or Fidelity, there might be multiple steps
  • If you are waiving out of everything, go to next step
  • If you are continuing contributions to another selection, you can either change the Per Paycheck Contribution or click Save to continue
• Click Review
• Review your new elections and click Submit at the bottom

To ADD a new retirement contribution:

• Your current contributions will be marked as Select; the ones you are not contributing to will be marked as Waive
• If you want to add something new, choose the Select button on that line
• Click Confirm and Continue
• If you have multiple contributions with TIAA and/or Fidelity, there might be multiple steps
  • If you've added something new, select either Amount or Percentage for that selection
    • Enter the Per Paycheck Contribution ($) or Contribution (%)
  • If you are continuing contributions to another selection, you can either change the Per Paycheck Contribution or click Save to continue
• Click Review
• Review your new elections and click Submit at the bottom

Although the information on the Human Resource Services web pages is kept as accurate as possible, it is for information purposes only and is subject to change at any time. The official documents and policies are maintained in the Human Resource Services office.