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

Answer:   The rules for retirement plans 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 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 addition to annual limit.
• The maximum amount applies to an employee's aggregate pre-tax 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 limits, your salary, and the type of 401(k) plan to which you are contributing may limit your 401(k) contributions to a lesser amount.