Wayne State University

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News and Announcements Archive

New 403(b) / 457(b) Contribution Limits for 2015

December 9, 2014

The IRS has announced the 2015 pension contribution limits for 403(b) and 457(b) plans.

The new limit for employee contributions to the 403(b) plan is $18,000 for those under age 50 (an increase of $500) and $24,000 if you are age 50 or older (an increase of $1,000).

Similarly, the new limit for 457(b) contributions is $18,000 for those under age 50 (an increase of $500) and $24,000 if you are age 50 or older (an increase of $1,000). 

Keep in mind that because the 403(b) and 457(b) are separate plans and because the limits apply separately, interested individuals could contribute up to $36,000 (for those under age 50) or $48,000 (for those age 50 and older) on a tax-deferred basis to both plans combined.  

For more information, Click here for the IRS News Release or call Total Compensation & Wellness at 313-577-3000.


Forms:
403(b) Plan Salary Reduction Agreement: http://hr.wayne.edu/tcw/retirement-savings/403b-salary-reduction-agreement.pdf

457(b) Plan Salary Deferral Agreement http://hr.wayne.edu/tcw/retirement-savings/457b-salary-deferral-agreement.pdf


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