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2012: Retirement Savings Plan Contribution Limits

The information below summarizes the retirement plan contribution limits for 2012.

Plan Normal LImit "Age 50" Catch-up Limit "Pre-Retirement" Catch-up Limit *
401(a) $50,000 (415 Limit) N/A N/A
457(b) $17,000 (402(g) Limit) $5,500 $17,000 (for a total of $34,000)
IRA $5,000 $1,000 N/A
* Pre-retirement catch up is ONLY available to a participant who did not defer the maximum every year he/she was eligible for a 457(b) Plan. The Employee cannot use Over Age 50 catch-up and Pre-Retirement Catch-up in same year. (“Pre-Retirement” is the last 3 years prior to normal retirement age.)
 
N/A = Not applicable
 
More details on the retirement plan limits are available from the IRS
 

401(a)
The total contribution limit for 401(a) defined contribution plans under section 415(c)(1)(A) increases to $50,000 in 2012. This includes both employer and employee contributions for all defined contribution plans combined (including 401(a), 401(k), and 403(b) plans).
 
457(b)
The normal contribution limit for 457 plans increases to $17,000 for 2012. In addition, employees are eligible to contribute up to an additional (1) $5,500, for a total of $22,500, if they are age 50 or older or (2) $17,000, for a total of $34,000, if they are participating in the "pre-retirement" catch-up provision.
 
IRA
The contribution limit for Traditional and Roth IRAs remains at $5,000 in 2012. However, employees who are age 50 or older are eligible to contribute an additional $1,000, for a total of $6,000.

 

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