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Retirement Plan Contribution Limitations for 2009
April 16th, 2009
While the stock market decline over the last year has made many people concerned about continuing to contribute to their 401(k) plan account, history has shown that a disciplined and consistent plan of investment is the best policy over time through the ups and downs of the markets. As a result, we encourage our clients to continue to invest in their 401(k) plans and over time they will be rewarded. That being said, the contribution limits for 2009 are as follows:
- Annual Salary Deferral Limit - $16,500
- Catch-Up Limit for those Age 50 and older - $5,500
- Total Contribution Limit - $49,000
- SIMPLE Contribution Limit - $11,500
- SIMPLE Catch-Up Limit - $2,500
- IRA Contribution Limit - $5,000
- IRA Catch-Up Limit - $1,000
If you have any questions about the 2009 contribution limitations or any other questions regarding your 401(k) plan or other qualified retirement or employee benefit plans, please contact our office.
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This publication is for general information only and is not intended as formal legal advice. If you have any questions or need assistance, please contact Curtis & Curtis, P.C.
Curtis & Curtis, P.C. is a full service law firm located in Jackson, Michigan providing superior legal services and advice to individuals, families and businesses throughout mid-Michigan since 1901.