Annual Elective Deferral Contribution Limits to a 403(b) Plan:

Annual Elective Deferral Contribution Limits to a 457(b) Plan:

The 457(b) Plan contains a special “catch-up” provision called the “final three year” provision for those approaching retirement (assuming you haven’t contributed the maximum amount in prior years).  This “catch-up” provision may kick in during the three years prior to “normal” retirement age (62).

Example:  If a worker is to reach “normal” retirement age in 2006, he or she may be able to take advantage of the “final three year” provision in 2003, 2004, and 2005.  Participants who take advantage of the “final three year” provision cannot also take advantage of the “Age 50 catch-up” provision.

Note:  The 457(b) Plan at NMU was offered beginning October 2004.

It is highly recommended that you consult a tax or investment professional before taking advantage of any of these catch-up provisions.

Tax Deferred Annuity Vendors

Back to Human Resources Benefits page.

Back to Human Resources home page.