RETIREMENT PLAN DOLLAR-LIMITS
| |
|
2008 |
2007 |
| Individual Retirement Account |
|
|
| |
maximium current contribution |
$5,000 |
$4,000 |
| |
age 50 catch-up contribution limit
|
$1000 |
$1000 |
| Defined Contribution Plans |
$46,000 |
$45,000 |
| |
25% of compensation to maximum
annual contribution of:
|
| Defined Benefit Plans |
$185,000 |
$180,000
|
| |
limitation on annual benefit is:
|
| SIMPLE Salary Deferred Plans |
|
|
| |
maximum annual deferral by employee:
|
$10,500 |
$10,500 |
age 50 catch-up contribution limit
|
$2,500 |
$2,500 |
| 401(k) Elective Deferral Plans |
|
|
| |
maximum annual deferral by employee: |
$15,500 |
$15,000 |
age 50 catch-up contribution limit
|
$5,000 |
$5,000 |
| 403(b) Elective Deferral Plans |
|
|
| |
maximum annual deferral by employee: |
$15,500 |
$15,500 |
age 50 catch-up contribution limit
|
$5,000 |
$5,000 |
| 457 Plans (Government and Tax Exempts) |
|
|
| |
maximum annual deferral by employee: |
$15,500 |
$15,500 |
age 50 catch-up contribution limit
|
$5,000 |
$5,000 |
| Simplified Employee Pensions (SEPs) |
$46,000 |
$45,000 |
| |
25% of compensation up to maximum contribution of:
|
| Highly compensated employee threshold |
$105,000 |
$100,000
|
| |
annual compensation of: |
|
|
|
