401k Contribution Limits -- #1 401K Talk & Discussion

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Subject: 401k Contribution Limits

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401K Expert
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Date Posted: 05:41:28 07/05/05 Tue

Allowable elective deferrals for 401k plans in 2004 have increased to $13,000 per year, up $1,000 from 2003's $12,000 limit. Current law governing 401k plans, the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), provides for growth of the annual limit to match cost-of-living increases. Specifically, the limitations are set to grow by $1,000 until 2006, when the contribution limit reaches $15,000.

More details on 401k maximum contributions and related retirement plans, can be found in Internal Revenue Bulletin 2003-45 released by the IRS on November 10, 2003.

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>Allowable elective deferrals for 401k plans in 2004 >have increased to $13,000 per year, up $1,000 from >2003's $12,000 limit. Current law governing 401k >plans, the Economic Growth and Tax Relief >Reconciliation Act of 2001 (EGTRRA), provides for >growth of the annual limit to match cost-of-living >increases. Specifically, the limitations are set to >grow by $1,000 until 2006, when the contribution limit >reaches $15,000. > >More details on 401k maximum contributions and related >retirement plans, can be found in Internal Revenue >Bulletin 2003-45 released by the IRS on November 10, >2003.

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