Office of Human Resources - Benefits Design & Management

ARIZONA STATE RETIREMENT SYSTEM (ASRS)
OPTIONAL RETIREMENT PLAN (ORP) 401(a) PLANS

QUESTIONS?

HR Employee Services | 480.965.2701

HR Faculty Services | 480.727.9900

OR ASK HR | www.asu.edu/hr/askhr

E-FAX NUMBERS
Benefits & Leaves  | 480.993.0007

Retirement | 480.993.0008

Two IRS limits apply to 401(a) plans:

  • 415 Limit:  Total employee and employer contributions may not exceed annual limit.
  • Compensation Limit:  Contributions must stop when earnings reach annual limit.

Both limits are tracked on a fiscal year basis (July 1 through June 30). 
The lower of the two limits takes precedence and is the limit that will apply.

ASRS Contribution Limit Charts Hired before 7/1/96 | Hired after 7/1/96

ORP Contribution Limit Charts Hired before 7/1/96  | Hired after 7/1/96       

ARIZONA UNIVERSITY VOLUNTARY 403(b) PLAN
DEFERRED COMPENSATION 457 PLAN

Basic contribution annual limits:   Automatic catch-up contributions annual limits
for participants age 50 and over:
2007             $15,500 2007             $5,000 (total Basic and Catch-Up $20,500)
2008             $15,500 2008             $5,000 (total Basic and Catch-Up $20,500)
2009             $16,500 2009             $5,500 (total Basic and Catch-Up $22,000)

 

If you are enrolled in more than one 403(b) plan, your combined contributions cannot exceed the annual limit.  You may also contribute the maximum to the 457 plan.   
EXAMPLE:  If under 50 in 2009, you can contribute $10,000 to one 403(b) plan, contribute $6,500
to another 403(b) plan and contribute $16,500 to the 457 plan.

403(b) Plan Lifetime Catch-Up Provision (15-Year Rule)
This provision may allow you to increase your contributions above the basic annual limit and age 50+ catch-up provision by $3,000 per year. To qualify, you must have 15 or more years of service and have contributed on average less than $5,000 a year to your 403(b) plan.  The Lifetime Catch-up Provision limit is $15,000. To find out if you are eligible for this provision, please contact your 403(b) vendor.

457 Plan Double Limit Catch-Up Provision
If you are within three calendar years of retirement (age 62 under the ORP or at 74 points under the ASRS), you may double the basic annual limit (for 2007 and 2008, $31,000 and for 2009 $33,000).  To find out if you are eligible for this provision, please contact our Retirement Solutions plan representative.