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Plan Informaion

2013 Contribution Limits for 401(k) and 457 Increased

The 401(k) and 457 plan contribution maximums increased to $17,500 for each plan. Therefore, those participating in both plans can contribute a maximum of $35,000. For those who are also eligible for a 403(b) plan, please be aware that the combined maximum for contributions to a 403(b) plan and a 401(k) plan is $17,500, but the combined maximum for contributions to a 403(b) plan and a 457 plan is $35,000.

For participants who will be age 50 or older anytime in 2013, the maximums for each plan (401(k) and 457) are $23,000.*

For participants utilizing the Special 457 Catch-Up feature prior to retirement, the maximum contribution is $35,000 for the 457 plan (subject to the total dollars available from prior unutilized contributions).*

* The Age 50 and Over additional Contribution of $5,500 to the 457 plan and the Special 457 Catch-Up contribution cannot be used at the same time. The additional $5,500 to the 401(k) plan can be made even if utilizing the Special 457 Catch-Up contribution.