The Internal Revenue Service has announced its 403(b) retirement plan limits for 2014, as shown below.
- Defined Contribution Plan Annual Addition Limit (employer and employee combined): Increases to $52,000
- Compensation Limit for Determining Benefits: Increases to $260,000
The 2014 retirement plan indexed limits will automatically adjust to the limits set by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
- Personal Contributions:
- If under age 50 for the duration of 2014: $17,500
- If over age 50 during 2014: $23,000
Viewing and Changing Contributions »
- Compensation Determining Highly Compensated Employees: $115,000
- Elective Salary Deferral for 403(b) Tax-Deferred Annuity Retirement Plan: $17,500
- Age 50+ Catch-Up Limit for 403(b) Tax-Deferred Annuity Retirement Plan: $5,500
- “15-Year Catch-Up” Provision: $3,000 per year with a $15,000 lifetime limit. (Available to faculty and staff with 15 or more years of service with the University, who have not taken advantage of the contribution limits in the past.)