2003 Plan Limits
| |
2003 |
2002 |
Elective Deferrals
401(k) and 403(b) plan maximum salary reduction) |
$12,000 |
$11,000 |
| 457 Plan Deferrals |
$12,000 |
$11,000 |
| Catch-up Contributions |
$2,000 |
$1,000 |
| Internal Revenue Code § 415 Limits: |
|
|
| |
Defined Benefit Plan
(Maximum annual benefit) |
$160,000 |
$160,000 |
| |
Defined Contribution Plan
(Total annual defined contribution allocations) |
$40,000 |
$40,000 |
| Highly Compensated Employee
(Using compensation earned in the previous year*) |
$90,000 |
$90,000 |
| Annual Compensation Limit
(Maximum amount of a participant’s compensation
that may be taken into account for plan benefit purposes) |
$200,000 |
$200,000 |
| Social Security Wage Base |
$87,000 |
$84,900 |
*Note: when testing for the 2003 plan year, HCEs are participants who earned
compensation of $90,000 in 2002.
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