Benefits & Compensation
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
Can anyone advise me as to the cap for contributions to a 403B plan for a person nearing retirement?
posted at 11/14/2008 4:53 AM EST
"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. "