Plan Type

Maximum Deductible 2009 Contributions
(only the first $245,000 of compensation is used in applying these limits)

Money Purchase Pension Plan

Annual additions cannot exceed the lesser of 100% of the participant’s compensation or $49,000.

Profit-Sharing Plan

Annual additions cannot exceed the lesser of 100% of the participant’s compensation or $49,000.

401(k) Plan

Employer Contributions: Up to 15% of covered payroll
Elective Employee Deferrals:$16,500 ($22,000 if age 50 or older)
Allocation Limits:Total of employer contributions and elective deferrals cannot exceed the lesser of 100% of a participant’s compensation or $49,000.

Simplified Employee Pension (SEP) Plan

Annual additions cannot exceed the lesser of 25% of the participant’s compensation or $49,000

SIMPLE-IRA Plan

Maximum annual salary reduction deferral: $11,500 ($14,000 if age 50 or older.)

Target Benefit Pension Plan

Annual additions cannot exceed the lesser of 100% of the participant’s compensation or $49,000.

Defined Benefit Pension Plan

Benefit provided cannot exceed the lesser of 100% if the average of the participant’s highest three consecutive years of compensation or $195,000.

Tax-Sheltered Annuity (403(b)

Maximum annual salary reduction: $16,500 ($22,000 if age 50 or older.)

Note:

Withdrawals from a qualified plan prior to age 59½ may be subject to a 10% early withdrawal penalty, in addition to taxation.