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There are certain contribution limits set by the IRS for pre-tax deferred compensation plans. Some plans provide for “catch-up” contributions for those over 50 years old or within three years of retirement. Please refer to the information below regarding the 2023 contribution limits and catch up provision requirements.
|Plan||Normal Limit||Age 50 Catch-Up||Pre-Retirement |
|401(a)||$66,000||Not Available||Not Available|
|403(b)||$22,500||$6,500||$15,500 lifetime cap|
The total contribution limit for the 401(a) defined contribution plans is $66,000 for 2023. This includes both employer and employee contributions.
The normal contribution limit for elective deferrals to a 457 deferred compensation plan is $22,500 in 2023. The 457 Plan offers two catch-up provisions.
The limits include both employer and employee contributions.
The individual limit for the 403 plan is $22,500. The total contribution limit for both employee and employer contributions to 403 plans is $66,000 ($67,500 if age 50 or older). The 403 Plan offers two catch-up provisions.
A participant who has at least 15 years of service with Maine Veterans’ Homes has a 403(b) elective deferral limit that is increased by the lesser of:
A calculation is required to determine the actual amount available under the 15-Year Catch-up. Please contact the DC Administrator at firstname.lastname@example.org for more information about this special catch-up provision.