Maximum Contribution Amounts to 403(b) and 457(b) Tax Deferred Annuity Plans
Annual Elective Deferral Contribution Limits to a 403(b) Plan:
|
Year |
Maximum Annual |
Additional “50+ |
|
2009 |
$16,500 |
$5,500 |
|
2010 |
$16,500 |
$5,500 |
Annual Elective Deferral Contribution Limits to a 457(b) Plan:
|
Year |
Maximum Annual Contribution Amount [402(g) Limit] |
Additional “50+ Catch-Up” Amount |
|
2009 |
$16,500 |
$5,500 |
|
2010 |
$16,500 |
$5,500 |
The 457(b) Plan contains a special “catch-up” provision called the “final three year” provision for those approaching retirement (assuming you haven’t contributed the maximum amount in prior years). This “catch-up” provision may kick in during the three years prior to “normal” retirement age (62).
It is highly recommended that you consult a tax or investment professional before taking advantage of any of these catch-up provisions.
