457 Contribution Limits
If you are a participant in a 457(b) plan, you may contribute up to $18,000 for year 2016. This limit has not changed since 2015. In 2014 and 2013 the limit was $17,500, and in 2012 was $17,000.
Catching Up After Age 50
Participants in a 457(b) plan who are age 50 or older are permitted to contribute an additional $6,000 in 2016. This amount of additional contribution remains unchanged since 2015. However, from 2009 to 2014 the contribution limit was $5,500.
Additional 457(b) Contribution Options
There are additional catch up options for some employees. If you are three years from normal retirement age as defined by your plan, you are permitted to add the lesser of:
- Two times the current year’s normal retirement contribution limit
- Underutilized limits from past years
It is important to note that not all employees make this additional catch-up option available, nor are employers required to do so.