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Salary Deferral Contribution Limit for 2014

Last Updated December 21, 2013

The amounts that you can contribute as salary deferrals to a 401(k), 403(b) or Thrift Savings Plan is $17,500, for the year 2014. If you are at least age 50 by the end of the year, you can contribute an additional $5,500. For SIMPLE IRAs, the salary deferral limit is still $12,000, and you can contribute an additional $2,500 if you are at least age 50 by the end of the year.

If you participate in multiple employer retirement plans, your aggregate salary deferrals to all of these plans cannot exceed a total of $17,500, plus $5,500 if you are at least age 50 by the end of this year. This does not include governmental 457(b) plans. As such, if you participate in a 401(k) plan and a governmental 457(b) plan, you can make salary deferrals of $17,500 (plus the $5,500 if you are at least age 50 by year-end) to each plan.

 

by Denise Appleby