Annual Maximum Contribution and Compensation Limits
Annual Maximum Contribution and Compensation Limits
Applicable to
the Optional Retirement Plan,
the Arizona State Retirement System, and
the Public Safety Personnel Retirement System:
Section 415 of the Internal Revenue Code identifies the
maximum allowable compensation and contributions to qualified retirement plans,
and authorizes the IRS Commissioner to adjust these limits annually for
cost-of-living increases.
Limits are determined based on an employee's original date of hire. The plan
year begins July 1 and ends the following June 30.
|
|
Date of Hire is
June 30, 1996 or Earlier
|
Date of Hire is
July 1, 1996 or Later
|
|
Plan Year
|
2006/2007
|
2007/2008
|
2008/2009
|
2006/2007
|
2007/2008
|
2008/2009
|
The lesser of
annual compensation
|
$325,000
|
$335,000
|
$345,000
|
$220,000
|
$225,000
|
$230,000
|
|
-OR-
|
|
|
|
|
|
|
Combined employee &
employer contributions
|
$44,000
|
$45,000
|
$46,000
|
$44,000
|
$45,000
|
$46,000
|
|
