There are two catch up provision allowed under a 403(b) plan:
- If you will be age 50 or older by the end of the calendar year you may contribute up to $6,000 through the age related catch up provision. The age related catch up contributions are not included in the section 415 annual combined employee and employer contribution limits.
- You may also qualify for the special 15 year catch up provision if you have been working for the same employer for 15 full time years or more and have contributed less than an average of $5,000 per year during your career with your employer. If you are eligible you can contribute an additional $3,000 per year up to $15,000 total.
If you plan to use both catch up provisions, you must use the 15 year catch up provision first. Not all employer plans allow for both provisions. Please refer to your Summary Plan Description or contact TDS to verify which catch up provisions are available under your plan.