Human Resources
Waller Hall, First Floor
Willamette University
900 State Street
Salem, Oregon 97301
503-370-6210 voice
503-370-6570 fax
IRS Limits for Defined Contribution Retirement Plans
Base
In 2008, employees may contribute up to $15,500 as established under the IRS's section 402(g).
Age-Related Catch-Up
In addition, for 2008, employees age 50 and over may contribute an additional $5,000 under the "age-related" catch-up provision established by the IRS under code section 414(v)(2).
Service-Related Catch-Up
Employees who have been employed at Willamette for 15 years or more as of the end of the current calendar year may contribute an additional $3,000 per year under the "service-related" catch-up provision provided by the IRS for 403(b) plans. Contributions under the "service-related" catch-up provision are limited to $15,000 lifetime.
If you have any questions about these limits, please contact the Human Resources office.
Please note: The mandatory 1% employee contribution under the Willamette University Defined Contribution Retirement Plan does not count against these "elective deferral limits." Also, these contribution limits may be limited by contributions made through other employer plans, and may also be limited by section 415(c)(1), which limits ALL contributions, including employer contributions, to a defined contribution retirement plan ($46,000 is the 2008 annual limit). When in doubt, talk to a financial advisor.