Annual qualified retirement plan contribution limits are now permanent
In 2001, Congress raised a number of the limits applicable to qualified retirement plan contributions. Those increased limits were set to expire in 2010, but with the PPA in place they are now permanent. You are able to contribute up to $15,500 to a 401(k) plan, 403(b) tax sheltered annuity, or governmental 457 plan in 2008.* And, for anyone over 50, additional catch-up contributions will continue to be permitted. Even better news: these limits will be adjusted for inflation going forward.
Ask an Ameriprise financial advisor how you can use these new regulations to help you plan to achieve your lifelong financial dreams. If you don't have an Ameriprise financial advisor, arrange a complimentary initial consultation with an advisor near you.
*Different limits apply in the case of contributions to an IRA, SIMPLE 401(k) or SIMPLE IRA. Ask a financial advisor about the current limits for these arrangements.