The following chart summarizes the changes in tax law that impact the University 457(b) plan.
|457(b) Plan Dollar Limits|
|Limit on employee contributions||$17,500||$17,500||*$18,000|
|"Catch-Up" contributions for participants age 50 or over||$5,500
Special Retirement Provision - Employees who are within three years of attaining normal retirement (age 65 per plan document) may contribute the lesser of (1) twice the annual limit, or (2) the annual limit plus the total amount of underutilized contributions from the prior years.
*Limits subject to annual review by the IRS.