No Change to Contribution Limits for 403(b) and 457 Plans in 2008

The Internal Revenue Service (IRS) recently announced the 2008 maximum amounts you can contribute to your tax deferred accounts. The IRS sets the dollar limitations each year in accordance with Section 415 of the Internal Revenue Code. There will be no increase to the limits next year, as set by the IRS, shown below:

2008 403(b) and/or 457 Contribution Limit: $15,500
2008 Catch-Up Contribution Limit (only for those over 50 years old): $5,000

If you would like to enroll in one or both of the plans, you may do so at any time. Supplemental Retirement Accounts (SRA) contributions are deducted from your pay on a pre-tax basis. The university does not make contributions to your SRA, but federal and state income taxes are deferred until your account is distributed to you or a beneficiary.

  • Minimum employee contribution amount:
  • 457 plan: $15 per pay – biweekly  or  $30 per pay – monthly
  • 403(b) plan: $7 per pay – biweekly  or  $15 per pay – monthly

To enroll in an SRA, follow these easy steps:

  • Choose an SRA vendor. A complete listing of vendors is available online at hr.osu.edu/benefits/retirevendors.pdf.
  • Contact your chosen vendor and set up a 403(b) and /or 457 account.
  • Complete a Supplemental Retirement Account Salary Reduction Agreement (SRA), available at hr.osu.edu/forms/ben/sraform.pdf. Your vendor is required to authorize your deduction amount and sign the SRA form.
  • Submit the form to the Office of Human Resources. Your new deduction will begin once your form has been processed.
© 2007 The Ohio State University Office of Human Resources