Am I correct in that the maximum for this plan is $42,000? Thank you for your input.

Assuming it's a 12 month year, max is lesser of $42,000 or 100%, plus catch-up if applicable.

The short answer: Yes.

The long answer: First, you'll need to review the plan document and find out if the limitation year is the same as the plan year. The plan's limitation year determines the amount of the dollar limit. Second, the COLA-adjusted limit is set for an entire calendar year and applies to limitation years that end during the calendar year [Reg. Sec. 1.415-6(a)(2)]. For a limitation year ending on 31/31/05, the ceiling is $42,000.

Reminded me of one of my favorite exercise sing-a-longs,

In the year 2525
If man is still alive
If woman can survive
They may find........

In the year 3535
Ain't gonna need to tell the truth, tell no lies
Everything you think, do, or say
Is in the pill you took today

In the year 4545
Ain't gonna need your teeth, won't need your eyes
You won't find a thing to chew
Nobody's gonna look at you

In the year 5555
Your arms are hanging limp at your sides
Your legs got nothing to do
Some machine, doing that for you

In the year 6565
Ain't gonna need no husband, won't need no wife
You'll pick your son, pick your daughter too
From the bottom of a long glass tube

In the year 7510
If God's a comin' he ought to make it by then
Maybe he'll look around himself and say
``Guess it's time for the Judgement day''

In the year 8510
God's gonna shake his mighty head
He'll either say ``I'm pleased where man has been''
Or tear it down and start again

In the year 9595
I'm kinda wondering if man's gonna be alive
He's taken everything this old earth can give
And he ain't put back nothing...

Now it's been 10,000 years
Man has cried a billion tears
For what he never knew
Now man's reign is through
But through the eternal night
The twinkling of starlight
So very far away
Maybe it's only yesterday...

In the year 2525
If man is still alive
If woman can survive
They may find.......

Written by Richard Evans
Produced by Denny Zager and Richard Evans

Ritchie, I think you were smiling when you wrote that. You go, girl!

You like that one, Lori? Sometimes I sing it when I'm done with "DreamWeaver".

Don't you often sing along with "The Joker" by the Steve Miller Band? You know the one: "Some people call me the space cowboy, yeah..."