wrichards58
Recycles dryer sheets
- Joined
- Jul 13, 2012
- Messages
- 60
I have not maxed out 403b...if i have some extra money could i put into the years past 403b? just wondering
so is the limit 22,000. or 22,000 plus 3,000 to make 25,000?TIAA-CREF - 403(b) Outlook: Catch-Up Contributions
sounds like there is an additional catchup allowance besides that allowed in a 401K.
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What is the rule? The maximum amount of elective deferrals that employees can contribute to a 403(b) or 401(k) plan in 2008 under IRC Section 402(g) is $15,500. (This amount is adjusted for inflation in $500 increments.) 403(b) vendors must take reasonable steps to help ensure that 403(b) elective deferrals made to their investment products do not exceed the Section 402(g) limit
The 15-Year Rule allows employees to exceed the otherwise applicable 402(g) limit if they have at least 15 years of service with the same employer which is a qualifying tax-exempt organization — teaching institution, hospital, church, home health care organization, or health and welfare service agency. Under the 15-year catch-up, if an employee’s elective deferrals in prior years were less than the 402(g) limit, he or she may be able to make deferrals of up to $3,000 over the applicable 402(g) limit for the current year, subject to a lifetime limit of $15,000. This 15-year rule is available only under 403(b) plans (not 401(k) or 457(b) plans). This 15-year catch-up is in addition to the Age 50+ Catch-Up discussed below.