You can contribute a maximum of 100% of includible compensation ā not to exceed the tax codeās limit, a combination of before-tax and Roth contributions ā of $22,500 in 2023. Eligible employees have a minimum contribution amount of 0.5% of includible compensation.
State employees receive a $15-per-paycheck matching contribution. Employees of counties, cities, towns or other political subdivisions may be eligible to receive a matching contribution. Please check with your plan sponsor.
If you will attain age 50 or older during the current calendar year, you may take advantage of the Age 50+ Catch-Up provision, which allows you to contribute more than the maximum limit. In 2023, this amount is $7,500 over the $22,500.
If you are within the three calendar years that end prior to the calendar year of your normal retirement age, you may be eligible to use the Special Catch-Up provision to contribute even more to your Hoosier START account. The Special Catch-up provision allows you to defer up to double the normal limit for up to three years.