The IRS has announced that the 403(b) contribution limits for 2016 will be the same as 2015:
• The regular elective deferral limit is $18,000 per calendar year.
• The catch-up contribution limit for employees age 50 and over is $6,000 per calendar year.
Since Heartland AEA is an education organization, if you have 15 or more years of service with the Agency, 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 ext. 14908.
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