What are the current contribution limits for 457(b) plans?
To learn more about how much you can contribute, view Contribution and Benefit Limits for Retirement Plans.
Plan sponsors also have the option of permitting “catch-up” contributions (i.e., it is not required that plan sponsors permit “catch-up” contributions). 457(b) plans may permit participants who are within three years of reaching the plan’s normal retirement age to make “final three-year” catch-up contributions. Under the final three-year catch-up, a participant who has an “underutilized limit” may be able to contribute an additional amount not to exceed the 457(b) basic employee contribution limit for that year. A participant must have an underutilized limit to be eligible for the final three-year catch-up option.
In addition, governmental 457(b) plans may permit age 50+ catch-up contributions.
The basic 457(b) contribution and (if applicable) the catch-up contribution limits above apply regardless of whether contributions are made by employees, employers, or both. However, these contributions limits are not offset by contributions to other pre-tax retirement plans (e.g., a 403(b) plan) in which an employee participates.
Salary Reduction Forms
