There are two types of contribution limits to the FCMM Retirement Plan: the overall limit and the salary deferral limit. Limits for 2017 remain the same as 2016 and 2015, with the exception of an increase of $1,000 in the overall limit:
The overall limit includes both employer and salary deferral contributions to all 403(b) and 401(k) plans. The 2017 year overall contribution limit is the lesser of $54,000 or 100% of includible compensation which excludes a housing allowance. The overall limit is also known as the 415(c) limit.
The salary deferral limit covers all pre-tax and Roth deferrals to all 403(b) and 401(k) plans. The current annual limit is $18,000. The salary deferral limit is also known as the 402(g) limit.
A participant over age 50 can make a catch-up deferral contribution, in addition to these limits, of up to $6,000.