Increase in 2015 403(b) Retirement Contribution Limits

The IRS has increased the 403(b) contribution limits for 2015. Regular elective deferrals are increased from $17,500 per calendar year to $18,000. The catch-up contribution limit for employees age 50 and over has increased from $5,500 per calendar year to $6,000. 

And as an educational organization, if you have 15 or more years of service with Heartland AEA, you may be eligible for an additional catch-up contribution of up to $3,000 per calendar year. A calculation is required to determine the actual amount available under this special catch-up provision. If you have any questions, contact Steve Jordan, Senior Payroll Specialist, at sjordan@heartlandaea.org or ext. 14908.