The contribution (deferral) limit for employees participating in 401(k) and 403(b) plans has been raised from $17,500 to $18,000 with a $6,000 catch-up contribution limit for individuals age 50 or over. The total contribution (employer and employee) cannot exceed the lesser of 100% of employee’s compensation or $53,000 ($59,000 with catch-up contribution.) Some 403(b) plans allow additional contributions for employees with 15 or more years of service in addition to the regular catch up contribution. Check with your plan administrator.
