Future Contribution Limits
403(b) and 401(k) Retirement Plans
Basic Limit, Section 415 limit*
2009 and beyond — IRS may adjust annually for inflation. Any adjustments will be in $500 increments.
General Limit on salary reduction contributions** 402(g) limit
2009 and beyond — IRS may adjust annually for inflation. Any adjustments will be in $500 increments.
Additional permitted salary reduction contributions** for those 50 or over
2009 and beyond — IRS may adjust annually for inflation. Any adjustments will be in $500 increments.
457(b) plan limit*
2009 and beyond — IRS may adjust annually for inflation. Any adjustments will be in $500 increments.
*The maximum contribution is the lesser of 100% of compensation or this adjusted limit.
**Includes employee salary reduction contributions and Roth elective deferral contributions.
IRA contribution limits
The annual contribution limit for both Traditional (pre-tax) IRAs and Roth IRAs will increase from $4,000 for 2007 to $5,000 for 2008 and will be indexed for inflation thereafter in $500 increments. Individuals age 50 or over may make additional “Age 50 catch-up” contributions of $1,000 for 2006 and thereafter.
Traditional and Roth IRA contribution limits
2009 and beyond — Thereafter, the IRS may adjust annually for inflation. Any adjustments will be in $500 increments.
Traditional and Roth IRA catch-up for those 50 or over
2009 and beyond — $1,000
Portability
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) dramatically increased pension plan portability allowing you to consolidate and simplify your retirement investments. This includes increased portability among plans sponsored by not-for-profit and for-profit employers, allowing IRA, 403(b) and 401(k) plan assets to be commingled. Additionally, after-tax dollars may now be rolled over to IRA, 403(b) and 401(k) plans. To complete a rollover of your other retirement accounts to your employer-sponsored plan at GuideStone, call our Customer Service Center at 1-888-98-GUIDE (1-888-984-8433), or use our Rollover Now tool to start the process. It's easy, and GuideStone can do most of the work for you.
For more information about your retirement planning, please review these retirement resources or feel free to contact us.
Additional resources available on contribution limits: