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Contribution cap
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Contribution cap
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Can anyone advise me as to the cap for contributions to a 403B plan for a person nearing retirement?
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Forums  »  Topic Forums  »  Benefits & Compensation  »  Contribution cap

Contribution cap

posted at 11/14/2008 3:48 AM EST
lda
Posts: 237
First: 7/10/2007
Last: 8/31/2011
Can anyone advise me as to the cap for contributions to a 403B plan for a person nearing retirement?
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Contribution cap

posted at 11/14/2008 4:53 AM EST
Posts: 2146
First: 2/15/2006
Last: 9/14/2011
"If you contribute the maximum basic salary deferral limit, and you qualify for both of the catch-up provisions described below, you have the potential to contribute up to $23,500 to your 403(b) plan during 2008.

Basic salary deferral limit: $15,500 in 2008.
403(b) Lifetime Catch-up: You may contribute up to an additional $3,000 if you qualify.
Age 50+ Catch-up: If you are age 50 or older, you may be eligible to defer up to an additional $5,000 in 2008.
Total 2008 contribution limit on combined employee/ employer contributions: 100% of your includible compensation or $45,000, whichever is less. "

From https://www.mysavingsatwork.com/atwork/1081430099016/990738457349/1070604048517.htm
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Contribution cap

posted at 11/14/2008 5:07 AM EST
lda
Posts: 237
First: 7/10/2007
Last: 8/31/2011
Excellent!
Thanks
lda
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Contribution cap

posted at 11/14/2008 7:56 AM EST
Posts: 2442
First: 2/12/2000
Last: 9/14/2011
For the total annual contribution limit I believe that you add in the $5,000 catch up as well making the limit $51,500 for those over 50.
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Contribution cap

posted at 11/14/2008 8:10 AM EST
Posts: 2146
First: 2/15/2006
Last: 9/14/2011
Howard,
How are you coming up with $51,500?
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Contribution cap

posted at 11/14/2008 4:08 PM EST
Posts: 2442
First: 2/12/2000
Last: 9/14/2011
Sorry that would be $50,000. I was thinking about 401(k)s which have different limits
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