IRS defined contribution limits apply to the total contributions (pre-tax and/or after-tax) to a single plan type by both an employer and employee. Rollover contributions are exempt from the annual limits.
|457(b) Deferred Compensation Limits
Regular Salary Deferral Limits (under age 50)
|Age 50 Catch-up Limit Totals ($22,500 + $7,500)||$30,000||$27,000|
|Special 457(b) Catch-up Limits*||$45,000||$41,000|
|401(a) Defined Contribution Plan Limits||$66,000||$61,000|
|401(a) Defined Contribution Compensation Limits||$330,000||$305,000|
|Social Security Taxable Wage Base||$160,200||$147,000|
The Special catch-up and the Age 50+ catch-up cannot both be used in the same year.
This material has been prepared for informational and educational purposes only and is not intended to provide investment, legal, or tax advice. Please consult your tax advisor for guidance on how these limits apply to your personal tax situation.
Colorado Retirement Association is not an investment advisor and does not make any representations nor guarantees as to the future performance, risk, or return of funds. This plan and its self-direction provisions are intended to constitute a plan similar to that described in section 404(c) of the Employee Retirement Income Security Act and Title 29 of the Code of Federal Regulations Section 2550.404c-1. The fiduciaries of this plan may be relieved of liability for any losses which are the direct and necessary result of investment instructions given by the employee.