2008 Maximum 401(k) Elective Deferral Contributions

The IRS sets an annual calendar year maximum for elective deferral contributions. On October 18, 2007, the Internal Revenue Service announced the cost-of-living adjustments to dollar limitations for retirement plans for 2008. The new limits for 401(k) Plans are as follows:

Maximum 401(k) deferral contribution limit: 15,500

Maximum 401(k) deferral Catch-Up Contribution: 5,000