The following table highlights contribution maximums established by the Internal Revenue Service for various retirement plans. All dollar amounts are effective January 1, 2012.

Retirement Plan Maximums for 2012
Plan	Maximum Elective Deferral or Contribution Limit1	Age 50 and Older Additional "Catch-up" Contribution Limit
TDA, 403(b) Thrift and 401(k)2	$17,0003	$5,500
SIMPLE IRA and SIMPLE 401(k)	$11,500	$2,500
Traditional IRA and Roth IRA	$5,000	$1,000
Section 457 Eligible Deferred Compensation	$17,0003	$5,5004

1	If annual compensation is less than the applicable limits shown, then the maximum contribution is limited to 100 percent of compensation.
2	If you contribute to a TDA, 403(b) Thrift and/or 401(k), the total amount contributed to all plans may not exceed $17,000 ($22,500 to all plans, if age 50 or older).
3	Increase of $500 from 2011 maximum elective deferral or contribution limit of $16,500.
4	Section 457 plan "Catch-up" contribution applies only to Government Eligible Section 457 plans. (An additional catch-up may be available to participants in governmental Section 457 plans for the 3 years prior to their normal retirement age.)

Retirement Plan Compensation Limitations for 2012
Plan	Annual Compensation Limit for Contribution Purposes	Increase from 2011
TDA, 403(b) Thrift and 401(k), Defined Benefit and Defined Contribution Plans	$250,000 maximum compensation	$5,000
SEP participant requirements	$550 minimum compensation	unchanged
SEP discrimination requirements	$250,000 maximum compensation	$5,000
Roth IRA	Contribution limit is reduced or eliminated based on the amount by which the taxpayer's Adjusted Gross Income (AGI) minus an "applicable AGI amount" exceeds $15,000 ($10,000 for married taxpayers filing a joint return).
	Applicable AGI amounts for 2012: $173,000 (married filing joint return) $0 (married filing separate return) $110,000 (all other taxpayers)	$4,000 unchanged $3,000
Traditional IRA	Deduction for contribution is reduced or eliminated for an active participant in an employer-sponsored retirement plan, based on the amount by which the taxpayer's AGI minus an "applicable AGI amount" exceeds $10,000 ($20,000 for an active participant who is a married taxpayer filing a joint return). Applicable AGI amounts for 2012 for active participants: $92,000 (married filing joint return) $0 (married filing separate return) $58,000 (all other taxpayers) For a married taxpayer filing a joint return who is not an active participant in an employer-sponsored retirement plan, but whose spouse is, the $10,000 amount mentioned above is not increased to $20,000 and the "applicable AGI amount" for 2012 is $173,000 ($4,000 increase from 2011). There is no deduction for AGI of $183,000 or more.	$2,000 unchanged $2,000

These are limits established by the Internal Revenue Code. In some cases, employers may set lower annual limits for your plan. In addition, these limits are generally applied in the aggregate.

The elective deferral limit applies to all voluntary salary reduction amounts made by an employee to any plan. The defined contribution plan annual additions limit applies to all annual additions to all defined contribution plans (including 401(k) and profit-sharing plans) and SEP-IRAs of the same employer. Additional limits may apply, depending on the type of plan, which may further limit elective deferrals and/or annual additions. Contribution limits are not necessarily equal to employer deduction limits and, generally, these plans also further limit contributions for taxable employers to the deduction limit.

Similarly, the limitation on annual benefits in a defined benefit plan applies to all defined benefit plans of the same employer and cannot exceed 100% of a participant's average compensation, if less. This annual benefit limitation is expressed as a non-refund life annuity at age 65 and is reduced for different forms and ages and for participation of fewer than 10 years, and may be further reduced if certain provisions are applicable, such as cost-of-living adjustment features.

Retirement Plan Limitations for 2012
Plan	Applicable Maximum
Defined Benefit	$200,000 on annual benefits*
Defined Contribution	$50,000 or 100% of compensation, whichever is less, on contributions

    *Or 100% of compensation for high 3 years, whichever is less.

These are limits established by the Internal Revenue Code. In some cases, employers may set lower annual limits for their plan(s). In addition, these limits are generally applied in the aggregate.

The defined contribution plan annual additions limit applies to all annual additions to all defined contribution plans (including 401(k) and profit-sharing plans) and SEP-IRAs of the same employer and cannot exceed 100% of a participant's average compensation, if less.

The Saver's Credit is a tax credit of up to $1,000 ($2,000 if married filing jointly) for low- and moderate-income taxpayers who contribute to a traditional or Roth IRA, 401(k), 403(b), 457, SARSEP or SIMPLE IRA plan. The credit is equal to 50%, 20%, 10% or 0% of your contribution, depending on your adjusted gross income. The following table shows the income limits to claim the credit for 2012.

Saver's Credit for 2012
Credit Rate (% of contribution)	Married Filing Jointly	Head of Household	All Other Filers*
50%	Up to $34,500	Up to $25,875	Up to $17,250
20%	$34,501-$37,500	$25,876-$28,125	$17,251-$18,750
10%	$37,501-$57,500	$28,126-$43,125	$18,751-$28,750
0%	$57,501 & up	$43,126 & up	$28,751 & up

*single, married filing separately or qualifying widow(er)