2008 Retirement Savings Plan Contribution Limits
January 01, 2008
The maximum contribution limit for 457 plans remains the same at $15,500 in 2008. However, the contribution limit for Traditional and Roth IRAs increases to $5,000 in 2008. To increase your personal contributions and take advantage of any of the limits, please contact your employer and start saving more for your retirement today. The information below provides additional details on the new retirement plan contribution limits.
457 Plans
The maximum contribution limit for 457 plans remains at $15,500 in 2008. You may be eligible to contribute up to an additional (1) $5,000, for a total of $20,500, if you are age 50 or older or (2) $15,500, for a total of $31,000, if you are participating in the "pre-retirement" catch-up provision. Please contact your employer to increase your 457 plan contributions.
IRAs
The contribution limit for Traditional and Roth IRAs increases to $5,000 in 2008. However, if you are age 50 or older, you are eligible to contribute an additional $1,000 for a total of $6,000. You can quickly and conveniently open a new Vantagepoint IRA using our automated IRA Wizard. If you have any questions concerning contributing to or opening a Vantagepoint IRA, please call Investor Services at 800-669-7400.
401(a) Plans
The total contribution limit for 401(a) Defined Contribution plans under section 415(c)(1)(A) increased to $46,000 in 2008. This includes both employer and employee contributions for all defined contribution plans combined (including 401(a), 401(k), and 403(b) plans). If your 401(a) plan, like most state and local government 401(a) plans, includes a fixed employee contribution rate, you are unable to increase your 401(a) plan contribution.
401(k) Plans
The annual elective deferral limit for 401(k) plans remains at $15,500 in 2008. If you are age 50 or older, you are eligible to contribute up to an additional $5,000, for a total of $20,500. Please contact your employer if you would like to increase your 401(k) contribution.