Contribution and Catch-up Limits
As the sponsor of a 457 plan, Metro must follow IRS rules on administering the plan for employees. One of the rules is a limit on the amount that may be invested in any one year. The most you can contribute is the lesser of 100% of your Metro compensation or $16,500 per year beginning in 2009.
The plan also allows for additional contributions for employees closer to retirement age. If you are within three years of normal retirement age, you may be eligible to “catch up” by investing up to double the amounts shown above. Employees over age 50 may invest additional amounts as shown in the following chart. These additional amounts do not apply if you are investing at the catch-up level.
Year |
Annual |
Annual |
Special |
|---|---|---|---|
| 2009 | $16,500 | $22,000 | $33,000 |
| 2010 and beyond | Amounts to be determined by the IRS at a later date | ||