New 403(b) / 457(b) Contribution Limits for 2015
The IRS has announced the 2015 pension contribution limit for 403(b) and 457(b) plans. The new limits are $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). This applies to employee contributions ONLY for the 403(b) plan and separately for 457(b) contributions. Click here for the IRS News Release.
If your goal is to contribute the maximum in 2015, please submit a revised 403(b) Salary Reduction Agreement and/or 457(b) Salary Deferral Agreement to Total Compensation & Wellness (TCW) during EARLY December 2014.
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
If you need help calculating how you can get to this new maximum, please send an email to firstname.lastname@example.org with a subject line: Maximum Contributions – Please Help
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