Permalink Submitted by Alan Spross on Tue, 2007-09-11 23:18
Sec 415(c) of the IRS Code contains limits for annual contributions to defined contribution plans. The limit for 2007 is $45,000 for annual additions to such plans for employer contributions, employee contributions and forfeitures. The elective deferral limit for employees of 15,500 is a separate limit but that figure also counts against the 45,000. Catch up contributions for those age 50 and above do not count against the 45,000 limit.
Permalink Submitted by Alan Spross on Tue, 2007-09-11 23:18
Sec 415(c) of the IRS Code contains limits for annual contributions to defined contribution plans. The limit for 2007 is $45,000 for annual additions to such plans for employer contributions, employee contributions and forfeitures. The elective deferral limit for employees of 15,500 is a separate limit but that figure also counts against the 45,000. Catch up contributions for those age 50 and above do not count against the 45,000 limit.