2010 IRS Contribution Limits for 403(b) and 457 Plans
TAMPA, Fla. (Dec. 4, 2009) -- The 2010 IRS deferral limits for 403(b) Tax Sheltered Annuities and 457 Deferred Compensation retirement plans remain unchanged from 2009’s limits.
As a reminder, the limits are as follows:
403(b) Tax Sheltered Annuity and/or Optional Retirement Plan: $16,500
457 State Deferred Compensation Plan: $16,500
The “catch up” provision rates have also remained unchanged for 2010. If you are 50 years of age or older and qualify, you may use the IRS’s “catch up” provision to contribute up to an additional $5,500 into each plan, increasing the total limit for each plan to $22,000 for the year, or $44,000 if you are enrolled in both plans.
Depending on your contribution history and years of service, you may be able to contribute even more. Employees interested in “catching up” their retirement savings should contact their plan provider directly to determine their eligibility to contribute additional funds to their plan(s).
Employee contributions will stop automatically when the IRS limit has been reached for the year and will resume automatically at the beginning of the next calendar year.
For more information, contact your 403(b) or 457 provider(s), or contact your HR Service Center Benefits Representative.