Tax Sheltered Annuities (TSA) – 403(b)
A 403(b) plan, also known as a tax-sheltered annuity or TSA plan, is a retirement plan offered to public school employees. It is similar to a 401(k) plan, where employees save for retirement by contributing pre-tax to individual accounts.
Elective deferral limit
The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $22,500 in 2023.
Age 50 catch-ups
If you are age 50 or older by the end of the year, your individual limit is increased by $7,500 in 2023 (the catch-up contribution amount). This means your individual limit increases from $22,500 to $30,000 in 2023, even if neither plan allows age-50 catch-up contributions (IRC Section 414(v) and Treas. Regs. 1.402(g)-2).
You can read more about 403(b) plans here: IRC 403b Tax Sheltered Annuity Plans | Internal Revenue Service (irs.gov)