This
chart illustrates basic provisions of the Economic Growth and Tax Relief
Reconciliation Act (EGTRRA) related to retirement plans available to CSU
employees. NOTE: These guidelines are not available until
the state conforming tax issue is resolved.
Plan Provision |
403(b) |
401(k) Administered
by DPA’s Savings Plus Program |
457 Administered
by DPA’s Savings Plus Program |
|
402(g)
Elective Deferral Limit This
is an annual maximum. It will be
indexed annually for inflation after 2006. |
$11,000
in 2002 $12,000
in 2003 $13,000
in 2004 $14,000
in 2005 $15,000
in 2006 |
$11,000
in 2002 $12,000
in 2003 $13,000
in 2004 $14,000
in 2005 $15,000
in 2006 |
$11,000
in 2002 $12,000
in 2003 $13,000
in 2004 $14,000
in 2005 $15,000
in 2006 |
IRC Section
402(g)(8) Catch-up
Also referred to as the “15-year” catch-up. Permits certain long-term employees who
have under-deferred in previous years to make additional contributions beyond
the IRC Section 402(g) limit.
Applicable only to the 403(b) plan and can be used concurrently with
the IRC Section 414(v) catch-up. |
$3,000
per year beyond the 402(g) limit, for up to 5 years or a lifetime maximum of
$15,000. |
Not
applicable |
Not
applicable |
IRC Section
414(v) Catch-up
Also referred to as the “over-age-50”
catch-up. Permits participants who
have attained at least age 50 by the end of a calendar year to make catch-up
contributions on a graduated scale.
Only an annual total of $1,000 is permitted even if the employee is in
2 plans. |
$1,000
in 2002 $2,000
in 2003 $3,000
in 2004 $4,000
in 2005 $5,000
in 2006 |
$1,000
in 2002 $2,000
in 2003 $3,000
in 2004 $4,000
in 2005 $5,000
in 2006 |
$1,000
in 2002 $2,000
in 2003 $3,000
in 2004 $4,000
in 2005 $5,000
in 2006 |
IRC Section
457(b) Catch-up
Also referred to as the “two times elective deferral”
catch-up. Provides a maximum lifetime
amount and is available to participants who have under-deferred to the 457(b)
plan in prior years. Permits eligible
participants to defer twice the amount of the elective deferral amount during
the last three years before retirement.
Applicable only to the 457 plan and can be used concurrently with the
403(b) plan’s IRC Section 402(g)(8) catch-up; however, it cannot be used in
conjunction with the IRC Section 414(v) “over-age-50” catch-up. |
Not
applicable |
No
applicable |
$22,000
in 2002 $24,000
in 2003 $26,000
in 2004 $28,000
in 2005 $30,000
in 2006 |