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2014: Retirement Savings Plan Contribution Limits

The information below summarizes the retirement plan contribution limits for 2014.

Plan Normal LImit "Age 50" Catch-up Limit "Pre-Retirement" Catch-up Limit *
401(a) $52,000 (415 Limit) N/A N/A
457(b) $17,500 (402(g) Limit) $5,500 $17,500 (for a total of $35,000)
IRA $5,500 $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 $52,000 in 2014. This includes both employer and employee contributions.
 
457(b)
The contribution limits for 457 plans are unchanged in 2014. The normal limit for elective deferrals is $17,500, and employees age 50 or older may contribute up to an additional $5,500, for a total of $23,000. Employees taking advantage of the special pre-retirement catch-up may be eligible to contribute up to double the normal limit, for a total of $35,000.
 
IRA
The contribution limit for Traditional and Roth IRAs remains $5,500 in 2014. Employees age 50 or older are eligible to contribute an additional $1,000, for a total of $6,500.

 

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