Retirement
IRS Limits
2012 Contribution and Compensation Limits
The Internal Revenue Code has limits for qualified 401(k) plans on contributions and compensation used to determine employer contributions. Here are the limits for 2012:
- $17,000 - Combined pre-tax and after-tax Roth 401(k) contributions
- $5,500 - Catch-up contribution limit if age 50 or older anytime during 2011
- $50,000 - Total employee plus employer contributions to 401(k) accounts including (does not include any applicable catch-up contributions):
- Pre-tax contributions
- Roth 401(k) after-tax contributions
- Traditional after-tax contributions
- Employer match/contributions
- $250,000 – Compensation used to determine maximum employer match and maximum employer contribution (for those who first became a plan participant after December 31, 1995)
- $375,000 – Compensation used to determine maximum employer match and maximum employer contribution (for those who first became a plan participant before January 1, 1996)
Contribution Rate Change Deadline Schedule
You may make any changes to your contributions, either pre-tax, Roth after-tax or traditional after-tax, through mylife.newyorklife.com or 1- 800- 294- 3575. Please see the Contribution Rate Change Deadline Schedule for each pay check in 2012.