The Internal Revenue Service has announced that the maximum contribution people may make to their Tax-Deferred Annuity accounts will increase in 2023.

People who are younger than age 50 will be able to contribute as much as $22,500 in 2023, up from $20,500 in 2022. People age 50 and older will be able to contribute up to $30,000 in 2023, up from $27,000 in 2022.

UFT members with at least 15 years of city employment who have not contributed to a TDA account for many years may be eligible to make additional contributions. Contact TRS or BERS if you believe you may be eligible.