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For 2008, an individual's elective deferrals to a TSA/403(b) cannot exceed the lesser of 100% of compensation or $15,500, plus a $5,000 catch-up contribution for those age 50 or older.
Note: There is also a 15-year service catch-up election, known as the 15-year-rule for employees of certain organizations. This provision allows participants to increase their annual contribution by up to $3,000 more than the current $15,000 limit. To qualify, participants must have completed at least 15 years of service with the same employer (years of service need not be consecutive), and cannot have contributed more than an average of $5,000/year in previous years. Contributions made under the catch-up provision cannot exceed $3,000 per year, up to a $15,000 lifetime maximum (under current rules). Your customer should consult a tax professional to ensure that this provision is applicable.
To help you determine the maximum annual amount you can contribute to a TSA plan,
we have provided a calculator below.
Please contact your State Farm agent for additional information on TSA/403(b) plans.
State Farm Life Insurance Company (Not Licensed in MA, NY, or WI)
Bloomington, IL
State Farm Life and Accident Assurance Company (Licensed in NY and WI)
Bloomington, IL
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Not
FDIC
Insured
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- No Bank Guarantee
- May Lose Value
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IL - 116.3
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