Depending on the type of
workplace savings plan your employer offers (and the planís specific guidelines),
you may have additional opportunities to save for retirement. Select 403(b), 457(b), or 401(k) plan type below for more details.
We also offer easy-to-use contribution limit calculation tools for 403(b) and 457(b) workplace savings plan participants.
(Not sure if you have a 403(b), 457(b), or 401(a)/(k) plan? Learn how to find out.)
403(b) Plan Participants
If your plan allows, you may be able to make annual Age 50+ Catch-up* contributions to your 403(b) plan beginning in the year you turn age 50.
In addition, the 403(b) Lifetime Catch-up is available to employees who have completed 15 or more years of service and have contributed, on average, less than $5,500 a year to their 403(b) plan. This catch-up provision allows participants to contribute up to $3,000 in 2010 in addition to the regular contribution limit (up to a lifetime catch-up limit of $15,000).
Can you use both the Age 50+ Catch-up and the 403(b) Lifetime Catch-up in the same year?
A qualified employee in a 403(b) plan who uses his or her full 403(b) Lifetime Catch-up entitlement for 2010 may also take advantage of the Age 50+ Catch-up in the same year. The total amount of Age 50+ Catch-up contributions that you make to all 403(b), 401(k), SEP, and SIMPLE plans in 2010 cannot exceed $5,500, even if you work for more than one employer. Your Age 50+ Catch-up contributions to governmental 457(b) plans are accounted for separately, however.
457(b) Plan Participants
If your employer is a governmental entity, you may be able to make additional annual Age 50+ Catch-up* contributions to your governmental 457(b) plan account beginning in the year you turn age 50, if your plan allows.
If you are within three years of retirement, you may be eligible to make Double Limit Catch-up contributions in each of the three calendar years before your normal retirement age, if you have under-contributed in previous years.
Using the Double Limit Catch-up, the total amount you can contribute to your 457(b) plan in 2010 is the lesser of two times the basic annual limit (see the table below), or the basic annual limit plus the total of underutilized salary deferrals from previous years.