Maximum Limits for Tax-Deferred Investments
NOTE: If annual earnings are less than the Annual Limit listed below, employee contributions are limited to 100% of earnings.
Annual Contribution Limits:
| YEAR | 457(b)Annual Contribution Limit | 403(b) Annual Contribution Limit |
| 2007 | $15,500 | $15,500 |
| 2008 | $15,500 | $15,500 |
Catch-Up Contributions - Age 50 and over:
| YEAR | 457(b) Additional Catch-Up Limit | 403(b) Additional Catch-Up Limit |
| 2007 | $5,000 | $5,000 |
| 2008 | $5,000 | $5,000 |
Additional Special Catch-up Provisions:
15-years of Service for 403(b) plan only:
An additional 15-years of service catch-up limit allows participants with 15 or more full-time equivalent years of service to contribute up to an additional $3,000 per year with a life-time maximum of $15,000. This provision requires a calculation to determine the maximum limit for the year. Participants may use this in addition to the age 50 catch-up contribution. This catch-up provision must be used before the Age 50 and Over Catch-up provision is applied.
Employees within 3 years of Attaining Normal Retirement age (55) for 457(b) plan only:
A separate provision allows participants who are within three years of attaining their normal retirement age (minimum age 55) to contribute up to twice the "annual contribution limit." For these participants, the maximum allowed becomes the lesser of:
- twice the annual limit, or
- the total amount of underutilized contributions from prior years
This provision requires a calculation to determine the maximum limit for the year. Participants who use this catch-up limit cannot also use the "age 50 catch-up" limit in the same year.
Forms
Link to: http://www.hrs.cmich.edu/benefits/forms.htm