As of January 1, 2025, the IRS increased the maximum retirement contribution to the VRSP from $23,000 to $23,500.
The catch-up contribution limit for active participants turning age 50+ in a calendar year remains at $7,500.
New for 2025: if you are turning ages 60-63 within the calendar year, you can make catch-up contributions to a maximum amount of $11,250.
Once you are turning age 64 within the calendar year, your catch-up contribution maximum will reduce back down to $7,500.
Please remember that you can make changes to your VRSP and catch-up contribution percentage elections at any time during the year in CUBES. There are no limitations.