Plan Type

2008

2007

IRA, Traditional and Roth

      Under age 50

$5,000

$4,000

      Age 50 or older

$6,000

$5,000

401(k),  403(b) & 457 Plans Elective Deferrals 

$15,500

$15,500

      Age 50 or older

$20,500

$20,500

SIMPLE Plans Employee Deferrals

$10,500

$10,500

      Age 50 or older

$13,000

$13,000

SEP (Simplified Employee Pension)

$46,000

$45,000

SEP Minimum Compensation

$500

$500

SEP Annual Compensation Limit

$230,000

$225,000

Annual Defined Contribution Limit

$46,000

$45,000

Annual Compensation Limit

$230,000

$225,000

*Catch-Up Contribution Limit

$5,000

$5,000

Highly Compensated Employees 

$105,000

$100,000

Retirement plan savers tax credit (subject to income limits)

$1,000

$1,000

Social Security Wage Base

102,000

$97,500