New 403(b) / 457(b) Contribution Limits for 2013
The IRS has announced the 2013 pension contribution limit for 403(b) and 457(b) plans. The new limit will be $17,500 ($23,000 if age 50 or older). This is an increase of $500 from last year and applies to employee contributions ONLY for the 403(b) plan and separately for the 457(b) Plan. Click here for the IRS News Release.
If your goal is to contribute the maximum in 2013, please submit a revised 403(b) Salary Reduction Agreement and/or 457(b) Salary Deferral Agreement to Total Compensation & Wellness (TCW) during EARLY December 2012.
403(b) Plan Salary Reduction Agreement: http://wayne.edu/hr/tcw/retirement-savings/403b-salary-reduction-agreement.pdf
457(b) Plan Salary Deferral Agreement: http://wayne.edu/hr/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 email@example.com with a subject line: Maximum Contributions – Please Help
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