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