Benefits A-Z
developed by HR communications

Benefits Plans - Retirement Savings Plans: 2015 403(b) SRA and 457(b) Limits

Limits for 2015

The limit on 403(b) and 457(b) elective deferrals is $18,000 for each plan for 2015.  The catch-up limit for individuals age 50 and older is $6,000, making the total limit $24,000 for each plan. 
*The 15-year catch-up provision does not necessarily apply to everyone who has worked 15 years. It is explained in detail on the next page.


Type of Limit

2014

2015

Basic Plan: limit on earnings eligible for 5% employee contribution and 10% U-M match

$260,000

$265,000

Basic Plan: limit on earnings eligible for 5% employee contribution and 10% U-M match for compulsory participants as of 12/31/1995

$385,000

$392,833

FICA: the amount of salary on which Social Security contributions are required

$117,000

$118,500

403(b) Limit

$17,500

$18,000

457(b) Limit

$17,500

$18,000

Age 50 Catch-Up

$5,500

$6,000

15 Years of Service Catch-Up*

$3,000

$3,000

 

Next: How Your Projection Was Calculated

 

Limitations
The University of Michigan in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their dependents. Although the university has elected to provide these benefits this year, no individual has a vested right to any of the benefits provided. Nothing in these materials gives any individual the right to continued benefits beyond the time the university modifies, amends, or terminates the benefit. Anyone seeking or accepting any of the benefits provided will be deemed to have accepted the terms of the benefits programs and the university's right to modify, amend or terminate them.
Every effort has been made to ensure the accuracy of the benefits information in this site. However, if any provision on the benefits plans is unclear or ambiguous, the Benefits Office reserves the right to interpret the plan and resolve the problem. If any inconsistency exists between this site and the written plans or contracts, the actual provisions of each benefit plan will govern. The University of Michigan in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their dependents.