Question:   What is the maximum amount that I can contribute to my employer's 401(k) plan?

Answer:   The limitation rules for retirement plan contributions are complex. Your plan administrator should have written information about your particular plan that explains the limitations imposed by law as well as other limitations that apply under the plan:

• The maximum amount an employee can contribute to a 401(k) plan under the law is set each year.
• If you are age 50 or older, you may be allowed to make additional contributions (commonly referred to as catch-up contributions) in excess of the normally applicable annual limit.
• The maximum amount applies to an employee's aggregate pre-tax contributions and designated Roth contributions to a 401(k) plan and 403(b) plan.
• There are several different limits that apply to a 401(k) plan in addition to the overall contribution limit.
• These other limits, your salary, the type of 401(k) plan to which you are contributing, as well as the terms of the plan, may result in the maximum amount that you can contribute to a 401(k) plan to be less than the otherwise applicable legal limit.