¹If annual compensation is less than the applicable limits shown, then the maximum contribution is limited to 100% of compensation.

²This provision is in place of, not in addition to the Age 50 "Catch-Up" Contribution.

³If you contribute to a TDA, 403(b) Thrift and/or 401(k), then generally the total amount contributed to all plans may not exceed $23,500 ($31,000, if age 50 or older; $34,750, if attaining age 60, 61, 62 or 63 in 2025). Exceptions apply to certain 403(b) plan participants and governmental 457(b) plan participants.

⁴Tax-Deferred Annuity, 403(b), 401(k) and Governmental Section 457(b) Plans. Non-governmental Section 457(b) Eligible Deferred Compensation Plans are not permitted to make age 50 catch-ups, but can make a special catch-up contribution if they are within three years of their normal retirement age.

⁵In 2024, a new provision was introduced for an additional Nonelective Contribution to SIMPLE IRA and SIMPLE 401(k). For 2025, the additional Nonelective Contribution amount is $5,100.

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

*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.

These amounts are established by the Internal Revenue Code.

*Single, married filing separately or qualifying widow(er).

The tax information contained herein is for informational purposes only. You should consult your financial adviser or attorney regarding your individual circumstances.