MBA 403(b)

Contribution Limits

403(b) Contribution Limit 2009 & 2010
2008
Under age 50 deferral limit (pre-tax and Roth after-tax) The lesser of includible compensation or $16,500 The lesser of includible compensation or $15,500
Additional age 50 or older deferral limit The lesser of 1) $5,500 or 2) includible compensation less all other types of deferrals to eligible retirement plans. The lesser of 1)$5,000 or 2) includible compensation less all other types of deferrals to eligible retirement plans.
General overall limit under age 50 (all types of contributions including deferrals, employer, and traditional after-tax). Cannot exceed includible compensation. $49,000 $46,000
Overall limit age 50 or older (all types of contributions including deferrals, employer, and traditional after-tax; amounts over the general overall limit must be age 50 catch-up deferrals). Cannot exceed includible compensation except to the extent that the age 50 or older catch-up deferral has been utilized. $54,500 $51,000
Special deferral catch-up for members with 15 or more years of service with the AG Contact MBA Contact MBA
Special contribution limit for members with little or no includible compensation Contact MBA Contact MBA
  • For contributions greater than those permissible in the 403(b), see 409A (“Rabbi Trust”)/Deferred Compensation Plan.
  • Saver's Credit allows for a tax credit on qualified retirement contributions based upon adjusted gross income.
  • Includible compensation for minister employees and lay employees is W-2, Box 1 wages PLUS deferrals to 403(b) and 401(k) plans, PLUS pre-tax amounts deducted to a section 125 cafeteria plan, (e.g., flex plan). Please note that a minister’s housing allowance is not part of includible compensation.
  • Includible compensation for evangelists (and other independent contractor ministers performing services in connection with the exercise of their ministry) is their business income from ministry-related services PLUS minister’s housing allowance, MINUS contributions to a 403(b) plan, and MINUS the one-half of the self-employment tax deducted on federal income tax form 1040.