Saving Today to Afford Retirement Tomorrow
Participant Login

Fund List

Fund Info

Nothing on this site should be considered to be an offer to sell nor a solicitation of an offer to buy securities. Any offer is made solely by the prospectus for the investment fund. Investments are offered through The Vanguard Group, Inc. Vanguard and related marks are registered trademarks of their owners.

Plan Limits

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 2022 contribution limits and catch up provision requirements.

PlanNormal LimitAge 50 Catch-UpPre-Retirement
Catch-Up Limit
401(a)$61,000Not AvailableNot Available
457$20,500$6,500$20,500
403(b)$20,500$6,500$15,500 lifetime cap
(15-year catch-up)

401(a) Plan

The total contribution limit for the 401(a) defined contribution plans is $61,000 for 2022. This includes both employer and employee contributions.

457(b) Plan

The normal contribution limit for elective deferrals to a 457 deferred compensation plan is $20,500 in 2022. The 457 Plan offers two catch-up provisions.

  • Age 50 Catch-up. Participants age 50 or older may contribute up to an additional $6,500 for a total of $27,000.
  • Pre-retirement catch-up. Participants who are eligible for the special pre-retirement catch-up three years before retirement may contribute up to double the normal limit, for a total of $41,000. A calculation is required to determine the catch-up amount. Please contact the DC Plan Administrator at dcadmin@mainepers.org for more information about this special catch-up provision.

The limits include both employer and employee contributions.

403(b) Plan

The individual limit for the 403 plan is $20,500. The total contribution limit for both employee and employer contributions to 403 plans is $61,000 ($67,500 if age 50 or older). The 403 Plan offers two catch-up provisions.

  • Age 50 Catch-up. Participants age 50 or older may contribute up to an additional $6,500 for a total of $27,000.
  • Catch-up for Participants with 15-years of Service

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:

  1. $3,000,
  2. $15,000, reduced by the amount of additional elective deferrals made in prior years because of this rule, or
  3. $5,000 times the number of the employee’s years of service for the Maine Veterans’ Homes minus the total elective deferrals made for earlier years.

A calculation is required to determine the actual amount available under the 15-Year Catch-up. Please contact the DC Administrator at dcadmin@mainepers.org for more information about this special catch-up provision.