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NO INCREASE TO 2010 CONTRIBUTION LIMITS
The Internal Revenue Service announced the contribution limits
for calendar year 2010 will remain unchanged from the 2009 limits.
This is because the cost-of-living index for the quarter ended September 30, 2009 is less than the cost-of-living index for the quarter ended September
30, 2008, and following the procedures under the Social Security Act for
adjusting benefit amounts, any decline in the applicable index
cannot result in a reduced limitation.
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2010 Annual Maximum Contribution Limits
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Participant
Age
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Maximum Limit
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Under Age 50
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$16,500
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Age 50 & Over
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$22,000
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Catch-Up Provision*
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$33,000
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*The Catch-Up refers to a
provision of the Internal Revenue Code that permits a participant
under certain circumstances to contribute up to $33,000 to your
account in 2010 if you are within three years of normal retirement
age. Call the MSRS Service Center at 1-800-657-5757 to speak with a retirement plan specialist for complete information.
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