Mutual-Funds-Advisor.com » 401k Retirement Plan Guides » IRS 401k Contribution Limits for 2009, 2008 - 2004

IRS 401k Contribution Limits for 2009, 2008 - 2004

We have provided you with the contribution limits to your 401 (k) plan for the years 2004, 2005, 2006, 2007, 2008 and 2009 as they are established by the IRS (the Internal Revenue Service).

As in previous years, many of the pension plan limitations for 2009 (announced by IRS in October, 2008) have been changed due to the increase in the cost-of-living index and the resulting necessary adjustments.

As you can see from the table below, in 2009 the 401k elective deferral limit is increased to $16,500, from $15,500 for 2008. For those above the age of 50 the "catch-up" amount is increased too - to $5,500 for 2009, from the $5,000 limit for 2008.

Last year the 401k limit remained unchanged at $15,500 for 2008. The annual catch-up contribution limit for the employees above the age of 50 also remained unchanged at $5,000 for 2008.

You should have in mind that these pension plan limitations are subject to further change by the company you work for, but the amount should not exceed the stated below.

Year 401k Contribution Limit Catch-Up Contribution Limit*
2009 $16,500 $5,500
2008 $15,500 $5,000
2007 $15,500 $5,000
2006 $15,000 $5,000
2005 $14,000 $4,000
2004 $13,000 $3,000

*for people above the age of 50

You should have in mind that the specified amounts above are not affected by the contributions your employer has made.

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